The banking system continued to be resilient with major financial soundness indicators comparing favourably with the prudential thresholds as of the end of October 2022.
The Governor, CBN, Godwin Emefiele, said there was observed growth which was attributable to the substantial overshoot of domestic claims above programmed benchmark and importantly reflected the sustained growth of banking system credits to the private sector, consistent with the CBN policy to finance high-impact sectors.
A member of the MPC, Adeola Adenikinju, said the various Financial Soundness Indicators showed that the banking systems remained safe, sound, and resilient. “Similarly, industry credit increased by N5.32tn over the same period. In addition, total industry deposits rose by N6.92tn between end-October 2021 and 2022. In October 2022, a total of 125,305 new credits valued at N767.06bn were granted to various customers. There was marginal increase in lending rates in the industry in response to recent measures by the CBN.”
An MPC member, Kingsley Obiora, said the banking system remained sound, safe and resilient to headwinds. The industry Non-Performing Loan ratio was 4.8 per cent at the end of October 2022, compared with 5.3 per cent at the end of the corresponding period of 2021, which was below the prudential maximum of 5.0 per cent.
According to an MPC member, Folashodun Shonubi, the banking system remained resilient so far in 2022, even as it continued to grapple with the effects of a challenging macroeconomic environment on businesses.
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