Total assets of the banking industry grew by N14.36tn or 24.24 per cent from N59.24tn at the end of December 2021 to N73.59tn in the corresponding period of 2022.
The Central Bank of Nigeria disclosed this in the personal statement made by the Deputy Governor, Financial System Stability Directorate, CBN, Aishah Ahmad, at the last Monetary Policy Committee meeting.
She said, “Key industry aggregates also continued their year-on-year upward trajectory with total assets rising to N73.59tn in December 2022 from N59.24tn in December 2021, while total deposits rose to N45.50tn from N38.42tn over the same period.
“Total credit also increased by N5.14tn between end December 2021 and end-December 2022 with significant growth in credit to manufacturing, general commerce and oil & gas sectors. This impressive increase was achieved amid continued decline in non-performing loans ratio from 4.90 per cent in December 2021 to 4.20 per cent in December 2022.”
According to her, the financial system had provided significant support for needed domestic economic resilience amid global shocks and remained strong into 2023.
Data provided by Bank staff, she said, indicated stability in broad soundness indicators and an unprecedented improvement in asset quality, even as credit to the private sector continued to grow.
She noted that the capital adequacy as of December 2022 was robust at 13.83 per cent, 383 basis points above the regulatory minimum of 10 per cent
