Business

April 6, 2024

CIBN records 63% growth in operating surplus to N1.37bn

CIBN, Bankers

... as Olanrewaju emerges President-elect

By Elizabeth Adegbesan

The Chartered Institute of Bankers of Nigeria, CIBN, recorded a 63.6 percent growth in its net operating surplus for 2023 to N1.37 billion.

Speaking at the Annual General Meeting, AGM, of the Institute today in Lagos, the President/Chairman of Council, CIBN, Dr. Ken Opara said that the net operating surplus crossed the N1 billion earmarked for 2023.

According to Opara, the institute also recorded a 34.7 percent growth in revenue and a 9.11 percent increase in assets in 2023.

He said: ”Distinguished Members, I am particularly delighted that our Institute continued to wax stronger financially notwithstanding the economic downturns and headwinds in the year 2023.

“It is on record that our Institute crossed the N1 billion mark by achieving a Net Operating Surplus of N1.371 billion in 2023 when compared with N837.9 million achieved in 2022, representing a growth of 63.6 percent.

“Similarly, total revenue grew fromN2.065 billion recorded in 2022 to N2.782billion in 2023 representing 34.7 percent growth, while total assets grew from N7.8 billion in 2022 to N9.11 billion in 2023.

“The cost-to-income ratio for the year ended December 31, 2023, stood at 50.72 percent, down from 59.41 percent in the corresponding period in 2022.

“This ratio is way below the approvedGoverning Council threshold of 61 percent for the 2023 financial year.

“I am persuaded that with prudent and efficient management ofresources, as well as diligent execution ofour strategic plan, our Institute will sustainthis northward trajectory.”

Presenting the Institute’s 2023 Financial Statement, the National Treasurer, CIBN, Mrs. Mojisola Bakare-Asieru said that the results reflected the institute’s management’s efficient resource allocation and optimisation of results despite the high inflationary constraints experienced in the review period.

Represented by the 1st Vice President elect, CIBN, Mr. Oladele Alabi, Bakare-Asieru added: “In comparison with the actual performance of N2.06 billion in 2022, the Institute recorded an impressive growth of 34.7 percent performance.

“This growth is a testament to the impact of the various laudable initiatives embarked upon, which was reflected in the performance of the various Directorates and Units during the year.

“The financial performance of the Institute recorded an unprecedented leap by crossing the N1 billion threshold in its audited Net Operating Surplus for the year under review.

“This milestone achievementaligns with the aspirations of the founding fathers that the Institute should be financially autonomous.“The recurrent expenditure for the year was N1.41 billion against the budgeted figure of N1.61billion.

“This reflects a positive cost savings of N208 million in overhead expenses. However, compared with total expenses of N1.22 million in the corresponding period, expenses grew by 15.09 percent, drivermainly by inflation and general price increases that prevailed during the reporting period.”

Meanwhile, the institute announced Mr. Pius Olanrewaju as its President elect. Alabi and Bakare-Asieru emerged 1st Vice President elect and 2nd Vice President-elect, respectively.

Vanguard News