Total Banks Asset Hit N47.82 Trillion in June

Despite the negative impacts of COVID-19 on the economy, the total assets of Nigerian banks expanded to N47.82 trillion in the first half of the year.

Dr. Rafindadi Sanusi, one of the members of the Monetary Policy Committee, disclosed this during his presentation in the last MPC meeting.

He said the improvement and stability of the nation’s banking system at a time the entire world is struggling showed the resilient of the banking sector.

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.”

He also said the loan to deposit ratio policy has boosted total credit by N3.33 trillion between May 2019 and June 2020. Raising credit facility to the manufacturing, general commerce, ICT and agriculture.