CIBN: Our operating profit grew by 63% to N1.37bn in 2023

The Chartered Institute of Bankers of Nigeria (CIBN) has announced a ‘historic’ net operating surplus of N1.37 billion in the year ended December 31, 2023.

Ken Opara, CIBN president, spoke at the 2023 annual general meeting (AGM) of the institute held on Saturday in Lagos.

He said the net operating surplus represented a 63.60 percent growth, compared to N837.94 million achieved in 2022.

“I am particularly delighted that our institute continued to wax stronger financially, notwithstanding the economic downturns and headwinds in the year 2023,” he said.

“It is on record that our institute for the first time crossed the one billion Naira mark by achieving a Net Operating Surplus of N1.371 billion in 2023 when compared with N837.943 million achieved in 2022, representing a growth of 63.60 per cent.

“Similarly, total revenue grew from N2.065 billion recorded in 2022 to N2.782 billion in 2023, representing 34.72 per cent growth, while total assets grew from N7.821 billion in 2022 to N9.119 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 approved Governing Council threshold of 61 percent for the 2023 financial year.

“I am persuaded that with prudent and efficient management of resources, as well as diligent execution of our strategic plan, our institute will sustain this northward trajectory.”

Opara, who also coordinated and chaired the AGM, reeled out his achievements in ICT, revenue drive, capacity building, legacy projects, and support in ongoing economic policy reforms in Nigeria, among others.

He said his administration, through teamwork, left indelible marks in the banking industry in an era characterised by disruptions, volatility in the economy, and other turbulence.

Opara also announced a planned roadshow to flag off the collaboration with Pan-African Payment and Settlement System on April 25 in Lagos to promote exportation.