Commercial banks’ total deposits hit N17.16 trn – NDIC

The Nigeria Deposit Insurance Corporation (NDIC) said that total deposits of commercial banks stood at N17.16 trillion as at September 2014.
The NDIC Managing Director, Alhaji Umar Ibrahim, said this during an oversight visit by members of the House Committee on Banking and Currency to the corporation’s office in Lagos. Ibrahim, who briefed the committee on the corporation’s activities, said that the deposits as at September 2014 showed an increase of N41billion over the N16.75 trillion recorded as at December 2013.
He said that total assets of banks rose from N28.76 trillion as at December 2013 to N30 trillion as at September 2014. The managing director said that banks’ total loans and advances went up from N10.04 trillion as at December 2013 to N11.52 trillion as at September 2014. He said that this represented an increase of N1.48trillion.
Ibrahim said that the non-performing loans of banks declined from N321.66 billion as at December 2013 to N298 billion as at September 2014.
He, however, said in the period under review, NDIC provided deposit insurance coverage to 24 banks, 832 Micro Finance Banks (MFBs) and 82 Primary Mortgage Banks (PMBS). The NDIC boss said that the corporation examined 196 MFBs and found that while most of them had inadequate capital, only 20 had Portfolio at Risk (PAR) ratio of five per cent. He said the corporation recorded a cumulative payment of N2.75 billion to depositors of 103 closed MFBs as at Sept. 30, 2014.