Total Assets of the banking industry rose by 50 per cent, year-on-year, YoY to N107.3 trillion in November 2023 from N71.59 trillion in November 2022.
In the same vein, the banks grew customers’ deposits by 45 per cent, YoY to N64.48 trillion in November 2023 from N44.49 trillion in November 2022.
Chairman, Senate Committee on Banking, Insurance & other Financial Institutions, Senator Adetokunbo Abiru state disclosed this while speaking at the retreat for the Committee organised by the NDIC in Lagos.
Abiru said: “As of November 2023, the Capital Adequacy Ratio of the banking sub sector was 12.3 percent and within regulatory requirements of between 10 percent and 15 percent. Liquidity ratio of 41.6 percent was in excess of the minimum requirement of 30 percent while Non-Performing Loans ratio of 4.2 percent was within the threshold of a maximum of 5 percent. Furthermore, total assets of the Nigerian banking industry increased from N71.59 trillion to N107.27 trillion between November 2022 and November 2023 while total deposits also climbed from N44.49 trillion to N64.48 trillion.
“While these are encouraging developments, we should not lose sight of the fact that these numbers pale in significance when viewed against the backdrop of naira depreciation.
“It goes without saying that the financial sector requires to be continuously strengthened to be able to perform its role of intermediating between surplus and deficit units in the economy.