CIBN revenue rises 16% to N2.06 trn in 2022

The Chartered Institute of Bankers of Nigeria, CIBN said its revenue rose by 16.9 per cent to N2.06 trillion in 2022 from N1.76 trillion in 2021.

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.

CIBN disclosed these today in its 2023 Annual General Meeting, AGM, in Lagos.

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

” The improved performance recorded in the year under review was a result of efficient utilization of resources and the deliberate focus on revenue generation drive.

“While appreciating the management of the institute for their efforts, it is important to state that the institute will remain focused and committed to the implementation of our strategic plan.”

Presenting the Financial report for 2022, the National Treasurer CIBN, Mrs 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.

“I must recognize the dexterity of the management of the Institute in achieving 93 percent of the 2022 budget of N2.22 trillion and commit to posting a better performance in the current year.

“The Institute recorded a net operating surplus before impairment and amortization 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 utilization 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 percent .

“Asides the general nation experienced in the country and all over the world, additional staff were employed at strategic levels to reinforce the operations of the Institute.”

According to Bakare-Asieru, the Institute made an effort to digitize its operations to among other things create new revenue streams and new customer segments.

She added:”The digitization process which has commenced would ensure that the institute repositions its brand to attract the younger generation of bankers by integrating automation into the millennial banking experience and service process.”

By Elizabeth Adegbesan