The Chartered Institute of Bankers of Nigeria (CIBN) announced a 16.9% increase in revenue, reaching N2.06 trillion in 2022 compared to N1.76 trillion in 2021.
During the 2023 Annual General Meeting held in Lagos, CIBN disclosed that its net assets and net operating surplus also witnessed growth, with a 7.3% and 4.9% rise to N6.66 trillion and N837.94 billion respectively in 2022.
Mr. Ken Opara, the President/Chairman of Council at CIBN, expressed his satisfaction with the modest financial progress achieved by the institute despite the challenging macroeconomic conditions in 2022.
He attributed this growth to the efficient utilization of resources and a deliberate focus on revenue generation. He commended the institute’s management for their efforts and emphasized the institute’s commitment to implementing its strategic plan.
The financial report for 2022 indicated that total revenue for the year increased to N2.06 trillion, a 16.92% rise compared to the previous year’s figure of N1.76 trillion. The improved performance was credited to the various directorates’ accomplishments.
Mr. Opara acknowledged the institute’s management for achieving 93% of the N2.22 trillion budget for 2022 and expressed determination to achieve even better results in the current year.
CIBN recorded a net operating surplus before impairment and amortization of N837.94 million in 2022, up from N799.17 million in 2021, representing a growth of 4.86%.
This increase was a result of efficient resource utilization and surpassed the budgeted amount of N711.02 billion for 2022. However, the growth percentage could have been higher if not for the high inflation rate during the review period.
Recurrent expenditure at the institute rose to N1.22 trillion, a 26.89% increase compared to N966.57 billion in the previous year.
This surge was partly due to the general challenges experienced both in Nigeria and globally. Additionally, the institute hired additional staff at strategic levels to strengthen its operations.
Comments 1