• Business - Companies
  • Updated: May 20, 2023

CIBN Records N2 Trillion Revenue

CIBN Records N2 Trillion Revenue

The Chartered Institute of Bankers of Nigeria (CIBN) has disclosed that its revenue rose by 16.9 per cent to N2.06 trillion in 2022 from N1.76 trillion in 2021.

The institute made this known on Saturday during its 2023 Annual General Meeting (AGM) in Lagos.

The Institute also said that its net assets and net operating surplus rose by 7.3 per cent and 4.9 per cent to N6.66 trillion and N837.94 billion respectively in 2022.

Speaking at the event, the President/Chairman of Council, CIBN, Ken Opara, said that the growth in the institute’s financial position was among other things due to its efficient utilisation of resources.

“I am delighted to inform you that despite the macroeconomic headwinds in 2022, the Institute recorded a modest growth in its financial position.

Presenting the Financial report for 2022, the National Treasurer of CIBN, Mojisola Bakare-Asieru said, "The total revenue generated for the year ended 31st December 2022 increased to N2.06 trillion from the N1.76 trillion figure recorded in 2021, resulting in an increase of 16.92 percent.

"This increase was attributable to the improved performance of the various Directorates.

"The Institute recorded a net operating surplus before impairment and amortisation of N837.94 million compared to the 2021 result of N799.17 million.

“This growth in surplus of 4.86 percent was as a result of efficient utilisation of resources and was above the 2022 budget of N711.02 billion.

“The percentage growth would have been more but for a high rate of inflation during the year under review.

“The recurrent expenditure of the institute increased to N1.22 trillion as against N966.57 billion recorded in the preceding year which translated into an increase of 26.89 perccent."


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