Nigeria Banks’ Assets Hits N47.82 Trillion

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The total assets of the Nigeria banking sector rose to N47.82tn in the first six months of the year ended June 30, 2020.

This was disclosed during the last MPC meeting in his presentation by a member of the Monetary Policy Committee of the Central Bank of Nigeria, Dr Rafindadi Sanusi.

Report on the Banking System Stability Review, Sanusi said, “shows that despite the challenges posed by the COVID-19 lockdown, the banking system remained sound and resilient.”

The statement reads further:

“The industry capital adequacy ratio had increased to 15% in June 2020, which meets the industry prudential benchmark. The Non-performing loans ratio (NPL) has declined to 6.4% in June 2020 from 6.6% in April 2020 and 9.36% in the corresponding period of 2019.

Total Assets of the industry has continued to rise, standing at N47.82 trillion as at end-June 2020. Total banking industry credit to the economy has continued to increase even during the months of the lockdown, standing at N18.9 trillion as at end-June 2020.

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