The contribution of banks and other financial institutions to the nation’s real Gross Domestic Product, (GDP), in first quarter of 2022 (Q1’22) rose to N696.87 billion.
This represents a 3.35 per cent rise from N555.57 billion in the corresponding period of 2021 (Q1’21).
Data from the National Bureau of Statistics, (NBS), indicates that the contribution of banks and other financial institutions to the real GDP rose slightly by 53 basis points to 3.38 per cent from 2.85 per cent in Q1’21.
Consequently, banks, financial institutions excluding insurance, recorded year-on-year (YoY) growth for three consecutive quarters.
Though the segment contracted by 4.54 per cent, YoY in Q2’21 to N545.8 billion from N571.7 billion in Q2’2020, this trend was reversed with a 25.5 per cent, YoY, growth in Q3’21, to N530.8 billion from N422.9 billion in Q3’2020.
The upward trend continued in Q4’21 as the subsector recorded 25.19 per cent growth to N686.4 billion, up from N548.3 billion in Q4’2020.