The Central Bank of Nigeria has reiterated its positive assessment of Nigerian banks, stressing that the banking system remained sound, stable and resilient as banking industry total assets grew by 20.97 per cent from N53.17 trillion in April 2021 to N64.32 trillion in April 2022.
CBN Deputy Governor, Kingsley Obiora who disclosed this in a statement also said that the Non-Performing Loans (NPLs) ratio stood at 5.31 per cent at the end of April 2022, slightly above the prudential threshold of 5.00 per cent.
He said, “The banking system remained sound, stable and resilient. Total assets of the banking industry grew by 20.97 per cent from N53.17 trillion in April 2021 to N64.32 trillion in April 2022, driven by balances with CBN/banks, OMO bills, and credit to the real sector of the economy.
“As a result, the total flow of credit to the economy increased to N26.10 trillion in April 2022 from N21.45 trillion in April 2021, representing an increase of 21.66 per cent.”
He commended the improvement of the banking sector NPL and attributed the success to sound management practices by Other Depository Corporations.