Liberia's banking sector continues to grow

Oct 03, 2012

The Central Bank of Liberia (CBL) has reported further growth in the country's banking industry.

According to figures from the organisation, the value of the sector's assets in the second quarter of 2012 was 6.9 per cent up on the amount recorded in the previous three months, the Inquirer reports.

Loans and deposits were also said to have gone up during this period, while liquidity in the Liberian banking industry is said to be good.

"Overall, the growth rates reflect continuous confidence in banking system, increased financial deepening and accelerated economic activities," the CBL commented.

Nevertheless, the wider macroeconomic environment in Liberia is continuing to impact on profitability in the industry, as well as the weak administration of credit.

The CBL said this means the quality of assets held by some banks in the country is poor.

Statistics also showed the value of the sector's assets was 28.9 per cent higher in the second quarter of 2012 than it had been between April and June 2011.ADNFCR-2976-ID-801462544-ADNFCR