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Despite declining profits, banks stable – NDIC

The Nigeria Deposit Insurance Corporation (NDIC) yesterday released its 2015 report on the banking sector which gave a clean bill of heath on deposit money…

The Nigeria Deposit Insurance Corporation (NDIC) yesterday released its 2015 report on the banking sector which gave a clean bill of heath on deposit money banks.
The report said: “Overall, the banking industry remained stable and sound during the period under review (2015).”
The report indicated that the NDIC, in collaboration with the CBN, conducted the routine risk assessment of all the 24 banks while the NDIC conducted risk-based examinations of 205 micro-finance banks and six primary mortgage banks.
The examinations were with a view to providing reliable information on their financial health, particularly as it affects the quality of risk assets, adequacy of loan loss provisions, capital adequacy, their level of compliance with banking rules and regulations, risk appetite and adequacy of risk management frameworks.
Thus, based on the findings, “the banking industry total assets grew marginally by 1.36 percent, total loans and advances rose by 5.56 percent, shareholders’ funds unimpaired by losses increased by 14.02 percent while capital adequacy ratio stood at 17.66 percent,” the NDIC said.
However, the total deposit liabilities declined by 2.83 percent, unaudited profits decreased by 2.02 percent while non-performing loans increased by 82.87 percent in 2015.
It indicated that the banking industry capital base remained strong.
 

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