CIBN Revenue Rises By 16% to N2.06tn in 2022

The Chartered Institute of Bankers of Nigeria (CIBN) has revealed that its revenue rose by 16.9 per cent to N2.06 trillion in 2022 from N1.76 trillion in 2021.

The institute also said its net assets and net operating surplus rose by 7.3 per cent and 4.9 per cent to N6.66 trillion and N837.94 billion, respectively in 2022.

CIBN disclosed these yesterday in its 2023 Annual General Meeting (AGM), in Lagos.

Speaking at the event, the President/Chairman of Council, CIBN, Mr. Ken Opara, said that the growth in the institute’s financial position was, among other things, due to its efficient utilisation of resources.

“I am delighted to inform you that despite the macroeconomic headwinds in 2022, the Institute recorded a modest growth in its financial position.

“The improved performance recorded in the year under review was a result of efficient utilisation of resources and the deliberate focus on revenue generation drive.

“While appreciating the management of the institute for their efforts, it is important to state that the institute will remain focused and committed to the implementation of our strategic plan.”

Presenting the financial report for 2022, the National Treasurer CIBN, Mrs. Mojisola Bakare-Asieru said: “The total revenue generated for the year ended 31 December 2022 increased to N2.06 trillion from the N1.76 trillion figure recorded in 2021, increasing by 16.92 per cent.”

According to Bakare-Asieru, the institute made an effort to digitise its operations to among other things create new revenue streams and new customer segments.

She added: “The digitisation process which has commenced would ensure that the institute repositions its brand to attract the younger generation of bankers by integrating automation into the millennial banking experience and service process.”