Home Technology CIBN grows revenue by 16% to N2.06 billion

CIBN grows revenue by 16% to N2.06 billion

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The Chartered Institute of Bankers of Nigeria has reported a 16.9 per cent increase in revenue to N2.06 billion in 2022 from N1.76 billion in 2021.
The Institute also stated that its net assets and net operating surplus will increase by 7.3 per cent and 4.9 per cent, respectively, to N6.66 billion and N837.94 million in 2022.
These were revealed today during CIBN’s 2023 Annual General Meeting in Lagos.
Speaking at the event, Mr. Ken Opara, President/Chairman of Council, CIBN, stated that the institute’s financial status has improved due to, among other things, efficient resource utilisation.
He said, “I am delighted to inform you that despite the macroeconomic headwinds in 2022, the Institute recorded a modest growth in the financial position.
“The improved performance recorded in the year under review was as a result of efficient utilisation 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.”
The National Treasurer of the CIBN, Mrs. Mojisola Bakare-Asieru, presented the financial report for 2022. She noted that the total income earned for the year ended December 31, 2022, climbed to N2.06 billion from the N1.76 billion amount recorded in 2021, representing a 16.92 per cent rise.
She added that the increase was due to the various Directorates’ improved performance.
She said, “I must recognise the dexterity of the management of the Institute in achieving 93 percent of the 2022 budget of N2.22 billion and commit to posting a better performance in the current year.
“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 million.
“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 billion as against N966.57 million 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.”
The Institute, Bakare-Asieru said, has made an effort to digitise its operations in order to, among other things, create new revenue streams and new customer segments. She added that the digitization process, which has already begun, 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.

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