CIBN revenue grew by 63% to N1.37bn in 2023

The Chartered Institute of Bankers of Nigeria, CIBN, says it recorded a 63.60 per cent growth of operating revenue, which stood at N1.37 billion in 2023, marking a significant increase from the N837.94 million recorded in 2022.

CIBN’s president, Ken Opara, disclosed this on Saturday in Lagos.

Opara added that 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.

“I am particularly delighted that our institute continued to wax stronger financially, notwithstanding the economic downturns and headwinds in 2023.

“It is on record that our institute, for the first time, crossed the one billion Naira 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.

“Similarly, total revenue grew from N2.065 billion recorded in 2022 to N2.782 billion in 2023, representing 34.72 per cent growth, while total assets grew from N7.821 billion in 2022 to N9.119 billion in 2023.

“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. This ratio is 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.