CBN Says Banks' Total Assets Grow By 24 Per Cent

The Central Bank of Nigeria (CBN) has disclosed total assets of the banking industry grew by N14.36 trillion or 24.24 per cent from N59.24 trillion at the end of December 2021 to N73.59 trillion in the corresponding period of 2022.

The apex bank disclosed this in the personal statement made by the Deputy Governor of the Financial System Stability Directorate, CBN, Aishah Ahmad, at the last Monetary Policy Committee meeting.

“Key industry aggregates also continued their year-on-year upward trajectory with total assets rising to N73.59 trillion in December 2022 from N59.24 trillion in December 2021, while total deposits rose to N45.50 trillion from N38.42 trillion over the same period.

“Total credit also increased by N5.14 trillion between the end of December 2021 and the end of December 2022 with significant growth in credit to manufacturing, general commerce and oil & gas sectors.

"This impressive increase was achieved amid continued decline in non-performing loans ratio from 4.90 per cent in December 2021 to 4.20 per cent in December 2022.”