Wednesday, September 23, 2020

Banks’ total assets rise to N47.82tn



The total assets of the banking sector rose to N47.82tn as at the end of June.

A member of the Monetary Policy Committee of the Central Bank of Nigeria, Dr Rafindadi Sanusi, disclosed this during the last MPC meeting in his presentation.

He also said the report on the banking system stability review showed that despite the challenges posed by the COVID-19 lockdown, the banking system remained sound and resilient.

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.