No unsound bank in Nigeria – NDIC

By The Rainbow

THE Nigeria Deposit Insurance Corporation (NDIC) has said the nation's banking system was relatively stable last year as there was no unsound bank.

Some reports had mis-read the NDIC annual report released on Tuesday by insinuating that only 10 banks were sound citing NDIC report.

NDIC in  its annual report for the year ended December 31, 2012, stated that 10 banks were rated sound, nine satisfactory and only one bank was rated marginal.

The corporation said  that there was no unsound bank in the banking industry during the period.

According to the  report,  the banking industry recorded significant improvement in its financial condition and performance during the period under review, as revealed by all major financial indicators compared to the previous year, noting that the banking industry's total assets grew from N21.89 trillion in 2011 to N24.58 trillion in 2012, representing 10.9 per cent increase.