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Five banks’ liabilities hit N22.41tn, assets N25.67tn

Ehime Alex by Ehime Alex
March 29, 2021
in Front Page, Money
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Liabilities of five Nigerian banks have increased by 35.46 per cent, year-on-year, to N22.41tn in 2020, against N16.54tn reported in 2019.

Data pooled by Financial Street from the banks’ audited financial statements for the year ended December 31, 2020 has showed that the banks reported increases in their total liabilities for the year 2020.

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The banks were United Bank for Africa Plc, Zenith Bank, Guaranty Trust Bank, Stanbic IBTC Holdings and FCMB Group.

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Individual analysis of the banks’ total liabilities showed that UBA reported the highest increase of 38.84 per cent to N6.97tn in 2020 compared to N5.023tn in 2019. Zenith followed with 36.24 per cent to N7.36tn against N5.404tn.

The total liabilities of GTB for the review year rose to N4.13tn from N3.07tn in 2019, which represented 34.47 per cent increase. While Stanbic’s liabilities rose by 33.89 per cent to N2.11tn from N1.57tn, FCMB’s marginally upped by 24.76 per cent to N1.83tn relative to N1.47tn.

However, the banks’ total assets in 2020 stood at N25.67tn from N19.27tn, representing an increase of 33.19 per cent.

UBA’s assets upped by 36.95 per cent to N7.697tn from N5.62tn. Zenith followed by 33.63 per cent to N8.48tn from N6.35tn, Stanbic IBTC’s assets rose by 32.5 per cent to N2.49tn in 2020 from N1.88tn.

While GTB increased its total assets by 31.55 per cent to N4.95tn from N3.76tn, FCMB’s stood at N2.06tn from N1.67tn, representing 23.37 per cent.

According to the ‘Central Bank of Nigeria Economic Report for Fourth Quarter 2019’, banks’ activities showed a total assets and liabilities of commercial banks at N40.87tn at the end of November 2019, which represented a 3.2 per cent increase above the level at the end of September 2019.

Giving an analysis on its ‘Economic Report for Fourth Quarter 2020’, the CBN said the banking system maintained adequate liquidity level in the fourth quarter, sufficient to keep rates generally low.

On UBA’s financial statement, the Group Chief Financial Officer, Ugo Nwaghodoh, was quoted as saying, “As we continue to see signs of recovery from the Coronavirus Disease, led by resumption of economic activities across the globe, increase in consumer spending and continued progress on vaccine deployment, we have positioned our businesses for greater synergy across the Group. We remain committed to our prudent risk management practices, and optimistic of best value for our stakeholders in the days ahead.”

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Ehime Alex

Ehime Alex

Ehime Alex reports the Capital Market, Energy, and ICT. He is a skilled webmaster and digital media enthusiast.

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