CIBN records N2bn revenue in 2022
Banking & Finance Economy

CIBN records N2bn revenue in 2022

The Chartered Institute of Bankers of Nigeria (CIBN) says it generated N2.06 billion in 2022, up from N1,76 billion recorded in 2021.

The President of CIBN, Dr Ken Opara, announced this at the 2023 Annual General Meeting, on Saturday, in Lagos.

Opara said that the figure represented 16.9 per cent when compared with revenue generated in the corresponding period of 2021.

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

Similarly, total assets grew from N7.31 billion to N7.82 billion.

He attributed the upscaled record to the efficient utilisation of resources and focus on revenue generation drive.

Presenting the financial report for 2022, Mrs Mojisola Bakare-Asieru, National Treasurer of the institute CIBN praised the dexterity of the institute’s management in achieving 93 per cent of the year 2022 budget of N2.216 billion.

According to Bakare-Asieru, CIBN commits to posting a better performance in the current year.

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“The institute recorded net operating surplus before impairment and amortisation of N837.94 million compared to N799.17 million result in 2021.

“This growth, in surplus of 4.86 per cent, was a result of efficient utilisation of resources and was above the 2022 budget of N711.02 million.

“The recurrent expenditure increased from N966.57 million in the preceding year to N1.22 billion.

“This translated into an increase of 26.89 per cent,” she said.

She, however, said the institute made deliberate efforts to digitise its operations.

According to her, this is for creating new revenue streams and new customer segments, offering new personalised value propositions, among others.

The digitisation process, she said, would reposition the institute’s brand to attract the younger generation of bankers.


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