CIBN generates nearly 17% more revenue YoY
By Jeph Ajobaju, Chief Copy Editor
A total N2.06 billion revenue was generated in 2022 by the Chartered Institute of Bankers of Nigeria (CIBN), a 16.9 per cent rise year-on-year (YoY) from N1.76 billion made in 2021.
CIBN also announced its net assets rose 7.3 per cent YoY to N6.66 billion in 2022 and net operating surplus 4.9 per cent to N837.94 million.
CIBN President/Chairman Ken Opara, who disclosed the figures, explained the financial growth was achieved through efficient utilisation of resources, among other factors.
“I am delighted to inform you that despite the macroeconomic headwinds in 2022, the Institute recorded a modest growth in the financial position,” he said.
“The improved performance recorded in the year under review was as 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.”
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Digitilisation for new revenue streams
“The total revenue generated for the year ended 31st December 2022 increased to N2.06 billion from the N1.76 billion figure recorded in 2021, resulting in an increase of 16.92 per cent,” explained CIBN National Treasurer Mojisola Bakare-Asieru, per Vanguard reporting.
“This increase was attributable to the improved performance of the various Directorates.
“I must recognise the dexterity of the management of the Institute in achieving 93 per cent of the 2022 budget of N2.22 billion and commit 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.
“This growth in surplus of 4.86 per cent 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 per cent.
“Additional staff were employed at strategic levels to reinforce the operations of the Institute.”
Bakare-Asieru said CIBN has begun digitilising its operations to create new revenue streams and new customer segments, among other aims.
“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.”