The Afrinvest Banking Sector Report 2022 has described the banking sector as resilient despite various economic challenges.
The new report presented by the Deputy Group Managing Director, Afrinvest West Africa Limited, Victor Ndukauba, said the banks beat all the prudential guideline limits set by the Central Bank of Nigeria and remained untainted in the face of daunting challenges.
The capital adequacy ratio is 14.1 per cent underperforming the June 2021 level by 140 basis points , the report said. “For banks, this reality means that upscaling would be less efficient than in an economy where growth exceeds population expansion,” he said. The Group Managing Director of Afrinvest, Ike Chioke, said since last year’s publication, the bullish projections of the global economy in 2022 had been undermined by deteriorating fundamentals.
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