By AmakaIfeakandu,
Lagos
Total assets of insured Deposit Money Banks (DMB) increased to N28.78 trillion at the end of December 2013. The Nigeria Deposit Insurance Corporation (NDIC) current report said that the bank assets rose by 17.10 per cent from N24.58 trillion recorded in the preceding year. The cash and due from other banks comprising vault cash, balances with the Central Bank of Nigeria and balances held with other banks increased from 16.20 per cent to 20.25 per cent at the 2013 financial year. Also Net loans and advances increased from 30.45 per cent recorded in the preceding year to 32.00 per cent while off balance sheet engagements grew from 18.42 per cent to 19.41 per cent within the period under review. Shareholders funds went up from N2.369 trillion achieved in the preceding year to N2.681 billion. The increase in shareholders funds according was due to the emergence of three new banks- Rand Merchant Bank, Heritage Banking Company and FSDH Merchant Bank. The NDIC report further said that the increase in earnings and profitability in the banking industry impacted positively on the financial condition of the bamks during the year under review. The report however stated that out of the banks total assets including off balance sheet (OBS) which stood at N23.20 trillion at the end 2013 financial year, top five banks had assets of N12.00 trillion, representing 51.72 per cent of the industry total assets while total assets of 10 top banks rose from N15.45 trillion or 77.02 per cent of the industry total to N18.06 trillion. The remaining 14 banks total assets which represents 22.17 per cent stood at N5.14 trillion from N4.60 trillion representing. 22.98 per cent banking industry total assets in 2012. On the contrary, the report said that the total short term investments comprising investments in treasury bills and treasury certificate dropped from 16.55 per cent to 13.82 per cent in December 2013. The report further said that the bank total deposit dropped from 58.51 per cent to 58.26 per in 2013.