Banks grow total assets to N47.82tn
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BY:Moses olajuwon Obajemu
Nigerian banks grew their total assets to N47.82tn as of the end of June 2020.
Rafindadi Sanusi, a member of the Monetary Policy Committee of the Central Bank of Nigeria, disclosed this during the last MPC meeting in his presentation, which was obtained by our correspondent on Wednesday.
He also said the report on the banking system stability review showed that despite the challenges posed by the COVID-19 lockdown, the banking system remained sound and resilient.
Sanusi said, “The industry capital adequacy ratio had increased to 15 per cent in June 2020, which meets the industry prudential benchmark.
“The non-performing loans ratio has declined to 6.4 per cent in June 2020 from 6.6 per cent in April 2020 and 9.36 per cent in the corresponding period of 2019.
“Total assets of the industry has continued to rise, standing at N47.82tn as of end-June 2020.
“Total banking industry credit to the economy has continued to increase even during the months of the lockdown, standing at N18.9tn as at end-June 2020.”
Following the introduction of the Loan to Deposit Ratio policy, he said, total gross credit increased by N3.33tn between May 2019 and June 2020.
He said most of the increase in credit was extended to manufacturing, consumer credit, general commerce, ICT and agriculture.