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    LASTMA Introduces Drone Technology to Improve Traffic Management in Lagos

    LASTMA Introduces Drone Technology to Improve Traffic Management in Lagos

    NjiaPay: South African Fintech Startup Reshaping Payment Solutions for African Businesses

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Banks’ assets rise by 22% to N65tn

by Eucharia Egwuma
September 1, 2022
in Business
Reading Time: 2 mins read
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Manufacturing Firms Borrowed N570bn From Commercial Banks in 2020 Amid Covid-19 Pandemic
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Total assets in the Nigerian banking sector rose by N11.8bn in one year to N65.48tn as of the end of June 2022, representing 22 per cent increase over the period.

The Deputy Governor, Financial Systems Stability Directorate, Aishah Ahmad, disclosed this in her personal statement at the last MPC meeting.

“Key industry aggregates also continued their year-on-year upward trajectory with total assets rising to N65.48tn in June 2022 from N53.64tn in June 2021,” she said.

She said gross credit had maintained an upward trajectory since 2019, rising by N5.02tn between June 2021 and June 2022 with significant growth in credit to manufacturing, general commerce and oil & gas sectors.

The increase, she said, was achieved amidst continued decline in non-performing loans ratio from 5.3 per cent in April 2022 to 5.0 per cent in June 2022.

She added that, “Furthermore, results of stress tests showed resilience of banks’ solvency and liquidity ratios in response to potential severe macroeconomic shocks.

“However, the bank must remain vigilant to proactively manage probable macro risks to the financial system such as lingering spillover effects of the pandemic, winding down industry forbearance portfolio, and other risks to financial stability such as exchange rate, operational and cyber security risks.”

A member of the MPC, Kingsley Obiora, said the financial soundness indicators showed that the banking system remained sound, stable and resilient.

He said the growth was “driven by balances with CBN/banks, OMO bills and credit to the real sector of the economy.”

He continued, “Consequently, the total flow of credit to the economy increased by 22.78 per cent or N5.02tn from N22.04tn in June 2021 to N27.06tn in June 2022 to various sectors of the economy, including oil and gas, manufacturing, general, governments and general commerce.

“The industry Non-Performing Loans ratio was 4.95 per cent at the end of June 2022 compared with 5.70 per cent at the end of June 2021, which was below the prudential maximum of 5.0 per cent.”

He added that the monthly average Open Buy Back and Inter-Bank rates fluctuated within the asymmetric corridor and increased from 9.39 and 8.38 per cent in May to 10.89 and 11.10 per cent in June 2022.

The increase, he said, reflected a tight banking liquidity condition, which could help rein in inflation and safeguard financial system stability.

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