Home / Business and Economy / Chartered Institute of Bankers of Nigeria’s revenue rose to N2.06bn in 2022
Mr. Ken Opara, Ph.D, FCIB, President & Chairman of Council, CIBN

Chartered Institute of Bankers of Nigeria’s revenue rose to N2.06bn in 2022

By Lydia Ngwakwe

Lagos, May 20, 2023

The Chartered Institute of Bankers of Nigeria (CIBN) has said that its revenue rose to N2.06 billion in the year ended 2022.

Dr Ken Opara, President/Chairman of CIBN, said this at the 2023 Annual General Meeting (AGM) of the Institute held on Saturday in Lagos.

Opara said that the figure represented 16.9 per cent increase when compared with N1.76 billion recorded in the corresponding period of 2021.

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

Similarly, Opara said total assets grew from N7.31 billion to N7.82 billion, attributing the improved performance recorded to the efficient utilisation of resources and deliberate focus on revenue generation drive.

Mrs. Mojisola Bakare-Asieru, National Treasurer of CIBN, while presenting the financial report for 2022, recognised the dexterity of the management of the Institute in achieving 93 per cent of the year 2022 budget of N2.216 billion.

According to her, CIBN commits 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.”

She said that asides the general economic challenges experienced in the country and all over the world, “additional staff were employed at strategic levels to reinforce the operations of the Institute.”

Bakare-Asieru, however, said that the Institute had made deliberate efforts to digitise its operations.

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

The digitisation process which she said had commenced, would ensure that the Institute repositions its brand to attract the younger generation of bankers.

Bakare-Asieru noted that this would be achieved by integrating automation into the millennial banking experience and service process.

She added that the impending digital transformation would cut across all facets of the Institute’s activities, ranging from membership drive to a robust payment system.

She also said it would ensure improved customer satisfaction, new driven insights, improved user experience, among other value additions and prospects.

Meanwhile, participants at the meeting raised issues bordering on dividend declaration, quiet propositions about the establishment of the Institute of Islamic banking in Nigeria and failure to bring it into the open.

They urged the leadership of the Council to fully implement and lend its support to leverage digital technology to sustain improvement in the industry, among others.

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