Sector Resolution Funds: AMCON Gulps N125.9bn

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According to the data collected by the research arm of Nairametrics from the financials of the listed banks, AMCON bank charges increased by 29.5% from N97.18 billion paid in the corresponding period of 2021 to N125.9 billion in the review quarter.

The twelve banks are Access, GCMB, Fidelity, FBN, GTCo, Stanbic IBTC, Sterling, UBA, Union, Unity, Wema, and Zenith Bank. The increase in AMCON charge is attributed to the impressive rise in the total assets of the banks. Notably, in the first quarter of 2022, the aggregate total assets of the banks stood at N61.23 trillion, representing 5.29% increase compared to the beginning of the year.

In the previous year, the total assets of the twelve banks had increased by a whopping N8.75 trillion, largely due to increased customer loans.

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