Russia-Ukraine: Nigerian banks not under any major risk, says S & P

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The ongoing Russia-Ukraine conflict will have no major negative impact on the overall operations and assets quality of Nigerian banks.

In a review, S & P Global Ratings said given the minimal exposure of Nigerian banks to Russia and Ukraine, the conflict will have no major impact on the asset quality, cost of risk or profitability of the banks.

According to the report, while the evolving nature of the conflict implies considerable uncertainties, assessment of the lending and operations of banks showed no significant direct impact.

The report was positive for the Middle East and Africa (MEA) banking system, noting that like Nigerian banks, South African banks also have limited possibility of any major direct impact from the conflict.

The Nation’s check showed that Nigerian banking industry has shown resilience, despite the global adverse effect of the COVID-19. Latest audited reports and accounts of banks have shown a steady overall outlook, with growth in assets and profitability in most cases.

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