The total assets of the Nigeria banking sector rose to N47.82tn in the first six months of the year ended June 30, 2020.
This was disclosed during the last MPC meeting in his presentation by a member of the Monetary Policy Committee of the Central Bank of Nigeria, Dr Rafindadi Sanusi.
Report on the Banking System Stability Review, Sanusi said, “shows that despite the challenges posed by the COVID-19 lockdown, the banking system remained sound and resilient.”
The statement reads further:
“The industry capital adequacy ratio had increased to 15% in June 2020, which meets the industry prudential benchmark. The Non-performing loans ratio (NPL) has declined to 6.4% in June 2020 from 6.6% in April 2020 and 9.36% in the corresponding period of 2019.
Total Assets of the industry has continued to rise, standing at N47.82 trillion as at end-June 2020. Total banking industry credit to the economy has continued to increase even during the months of the lockdown, standing at N18.9 trillion as at end-June 2020.
Following the introduction of the LDR policy, total gross credit increased by N3.33 trillion
between May 2019 and June 2020. Most of this increase in credit was extended to manufacturing, consumer credit, general commerce, ICT and Agriculture.”
Reports of the implementation of the CBN’s COVID-19 intervention shows significant progress in disbursements. Over 152.9 billion (or 15.2%) of the N1 trillion targeted support for the Manufacturing sector has been disbursed.
Out of the N100 billion Healthcare funds, N26.278 billion (or 26.3%) have been disbursed to fund 20 projects in the healthcare sector. Additional 16 applications totalling N67.413 billion were under processing.
Out of the N50 billion Targeted Credit Facility for Households and MSMEs, N49.195 billion have been disbursed to 91,736 beneficiaries, and N1.5 billion was disbursed to 169 beneficiaries under the Creative Industry Financing Initiative. Under AGSMEIS, N41.41billion has been disbursed to 11,613 beneficiaries.
Following the introduction of the Loan to Deposit Ratio policy, he said, total gross credit increased by N3.33tn between May 2019 and June 2020.
He said most of the increase in credit was extended to manufacturing, consumer credit, general commerce, ICT and agriculture.
