Banking Sector Sees Remarkable Growth: Total Assets Surge by 50% to N107.3 Trillion
The Nigerian banking industry has witnessed significant growth, with total assets soaring by 50% year-on-year to reach N107.3 trillion in November 2023, compared to N71.59 trillion in November 2022. Additionally, customers’ deposits surged by 45% year-on-year to N64.48 trillion in November 2023, from N44.49 trillion in November 2022.
These figures were disclosed by Senator Adetokunbo Abiru, Chairman of the Senate Committee on Banking, Insurance & other Financial Institutions, during a retreat organized by the NDIC in Lagos.
Abiru highlighted the banking sub-sector’s strong fundamentals, including a Capital Adequacy Ratio of 12.3%, liquidity ratio of 41.6%, and Non-Performing Loans ratio of 4.2%, all of which met regulatory requirements. He emphasized the importance of continuous strengthening of the financial sector, especially in the face of currency depreciation.
Abiru welcomed the Central Bank of Nigeria’s plan to recapitalize banks, stressing the need for engagement with critical stakeholders, including the National Assembly. He underscored the crucial role of the NDIC in maintaining confidence in the banking system and protecting depositors.
Managing Director/Chief Executive of the NDIC emphasized the importance of collaboration between the Senate and the Corporation, highlighting the benefits of sound oversight in ensuring the stability of the banking system and the economy at large.