Wednesday, June 29, 2016

NDIC increases insured deposit for customers of commercial banks

The insured deposit for customers of commercial banks has been increased from two hundred thousand naira to five hundred thousand naira in the event of bankruptcy.
A statement by the Nigerian Deposit Insurance Corporation, NDIC, says the coverage for Micro Finance Banks remains at two hundred thousand naira in view of volume of deposits by its customers.

It also indicates that the capital base for the nation's banking sector remained strong with only two of the banks having a capital adequacy ratio below the prescribed level in 2015. Also loan advances by banks to the economy stood at over 13 trillion naira, an increase of over five trillion naira over 2014 while non-performing loans increased from two point eight percent to four point eight percent.

On the whole, profitability of the sector suffered a decline in 2015 at five hundred and eighty eight billion naira as against over six hundred and one billion naira made the previous year.

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