CBN Says Nigerian Banks’ Total Assets Jumped To N65.48 Trillion In June 2022

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Nigerian Banks total assets increased to N65.48 trillion in June 2022, indicative of a  22.07%  uptick compared to the N53.64 trillion seen in June 2021.

This was disclosed by the Deputy Governor, Financial Systems Stability Directorate, Aishah Ahmad, in her statement at the last MPC meeting.

She also stated that the total deposits in the banks rose by 24.17% from N33.85 trillion as of the end of June 2021 to N42.03 trillion in the corresponding period of 2022.

Ahmad said, “Key industry aggregates also continued their year-on-year upward trajectory with total assets rising to N65.48 trillion in June 2022 from N53.64 trillion in June 2021, while total deposits rose to N42.03 trillion from N33.85 trillion over the same period.”

 CBN Says Nigerian Banks’ Total Assets Jumped To N65.48 Trillion In June 2022

She also stated that bank loans have been on an increasing pace for the past three years. “Gross credit has maintained an upward trajectory since 2019, rising by N5.02 trillion between June 2021 and June 2022 with significant growth in credit to Manufacturing, General commerce and Oil & Gas sectors.”

Ahmad added that this notable increase was achieved amidst a continued decline in non-performing loans ratio from 5.3% in April 2022 to 5.0 per cent in June 2022.

She also stated that the results of stress testing demonstrated the resilience of banks’ solvency and liquidity ratios in the face of potentially catastrophic macroeconomic shocks.

“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,” she added.