CIBN: Our revenue grew by 16% to N2.06bn in 2022

The Chartered Institute of Bankers of Nigeria (CIBN) says its revenue rose to N2.06 billion in the year ended December 31, 2022.

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

Opara said the aforementioned figure represented an increase of 16.9 percent when compared with N1.76 billion recorded in the corresponding period of 2021.

He said despite macroeconomic headwinds in 2022, the institute’s net operating surplus also grew from N799.17 million to N838.08 million.

Opara also said total assets grew from N7.31 billion to N7.82 billion.

He attributed the improved performance recorded in the year under review to the efficient utilisation of resources and deliberate focus on revenue generation drive.

Also speaking at the event, Mojisola Bakare-Asieru, national treasurer of CIBN, praised the dexterity of the management of the institute in achieving 93 percent of the year 2022 budget of N2.216 billion.

She said CIBN is committed 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,” she said.

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

Bakare-Asieru said the institute had made deliberate efforts to digitise its operations.

She said the impending digital transformation would cut across all facets of the institute’s activities, ranging from membership drive to a robust payment system.

She also said it would ensure improved customer satisfaction, new driven insights, improved user experience, among other value additions and prospects.

Meanwhile, participants at the meeting raised issues bordering on dividend declaration, quiet propositions about the establishment of an institute of Islamic banking in Nigeria and failure to bring it into the open.

They urged the leadership of the council to fully implement and lend its support to leverage digital technology to sustain improvement in the industry, among others.