This is contained in the corporation’s 2013 Annual Report and Statement of Account.
The document stated that the figure was a slight improvement over N484. 7 billion recorded in 2012.
The report stated that the total assets and total credits recorded significant growth rates of 17.10 per cent and 23.22 per cent, respectively in 2013.
“Assets quality recorded improvement as the ratio of non- performing loans to total loans declined slightly from 3.51 per cent in 2012 to 3.23 per cent in 2013,” it stated.
It stated that the banking industry had continued to maintain the strong capital base achieved in the previous year.
“The equity capital grew by 20.73 per cent from N173. 39 billion in 2012 to N220. 42 billion in 2013.
“Reserves increased by 7.40 per cent from N2. 26 billion in 2012 to N2. 38 billion in 2013,” the report stated.
The report, however, stated that the Capital to risk weighted Assets Ratio (CAR) of the banks declined marginally by 0.36 percentage points from 18.07 per cent in 2012 to 17.18 per cent in 2013.
It stated that only one of the 24 insured Deposit Money Banks failed to meet the minimum prudential CAR of 10 per cent and 15 per cent.
It further stated that banks experienced growth in total assets of 17. 10 per cent to N28. 79 trillion in 2013 from N24. 58 trillion in 2012.
It attributed the various growths in the industry to the ongoing banking and regulatory reforms in the country.