By Babajide Komolafe
TOTAL assets and liabilities of banks rose by 7.5 percent, year-on-year, to N38.4 trillion in the first quarter of the year (Q1’19), against N35.7 trillion in the corresponding period of 2018.
The Central Bank of Nigeria, CBN, disclosed this in its April 2019 monthly economic report released last week, which also showed that the Q1’19 figure was 3.2 percent higher, quarter-on-quarter, when compared with N37.2 trillion recorded in the fourth quarter of 2018.
The report stated: “Total assets and liabilities of the banks amounted to N38.432 trillion at end-March 2019, showing a 0.1 per cent increase, compared with the level at the end of the preceding month. Funds were sourced, mainly, from mobilisation of time, savings and foreign currency deposits, and reduction in claims on the private sector and sale of unclassified assets. The funds were used mainly, for the reduction of unclassified liabilities, acquisition of foreign assets and accretion to…