CIBN crosses N1 billion mark, elects new president

THE Chartered Institute of Bankers of Nigeria ( CIBN) has exceeded its N1 billion 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.

Giving the financial performance of the institute at the 2024 yearly general meeting, the immediate past president and Chairman of Council, CIBN, Dr Ken Opara, said the institute's total revenue grew from N2.065 billion recorded in 2022 to N2.782 billion in 2023. According to him, it represents a 34.72 per cent growth, while the institute's total assets grew from N7.821 billion in 2022 to N9.119 billion in 2023.

He said the cost- to- income ratio for the year ended December 31, 2023, stood at 50. 72 per cent, down from 59.41 per cent in the corresponding period in 2022. Opara stressed that the ratio was way below the approved governing council threshold of 61 per cent 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," he said.

The CIBN chief expressed optimism about the speedy passage of the institute's Act in no distant time.

O para gave the assurance, especially on the significant progress the institute has made in the pursuit of the review of the enabling CIBN Act, in a bid to address the changes that have taken place in the banking and financial landscape to ensure the furtherance of ethics and professionalism in the industry.

He said the progress made was an offshoot of the strategic engagements embarked upon by the leadership of the institute.

He said the document is currently going through legislative drafting and would be laid on the floor of the Senate very soon.

Already, he said the Ministry of Finance and the Office of the Attorney General of the Federation have reviewed and cleared the bill for onward presentation to the Federal Executive Council, hopeful that in the light of the aforementioned, the Act would enjoy accelerated hearing and speedy passage in no distant time.