CIBN Records 34.72% Revenue Growth, Hits N2.78bn in 2023

Nume Ekeghe

The President and Chairman of Council of The Chartered Institute of Bankers of Nigeria (CIBN), Ken Opara has said that the CIBN recorded a substantial 34.72 per cent increase in revenue, soaring from N2.065 billion in 2022 to N2.782 billion in 2023.

He also noted that the total assets of the institute surged from N7.821 billion in 2022 to N9.119 billion in 2023, signaling a robust growth trajectory.

He stated this over the weekend at the institute’s Annual General Meeting (AGM) held in Lagos.

He said: “Total revenue grew from N2.06 billion recorded in 2022 to N2.78 billion in 2023 representing 34.72 per cent growth, while total assets grew from N7.82 billion in 2022 to N9.119 billion in 2023. It is on record that our Institute for the first time crossed the N1billion mark by achieving a Net Operating Surplus of N1.371 billion in 2023 when compared with N837 million achieved in 2022, representing a growth of 63.60 per cent.

“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.”

Furthermore, Opara is set to transition to a new executive team next month, marking the culmination of his tenure.

The transition was formalised during the AGM, where Professor Olanrewaju Pius Oladeji emerged as the President-elect, Mr. Alabi Oladele Adebiyi as the incoming 1st Vice President, and Mrs. Bakare-Asieru Mojisola Adebisi as the 2nd Vice President designate.

He said: “As I begin to round up and prepare to pass the baton to my successor, I am confident that the CIBN is well-equipped to address evolving issues in the banking and finance landscape and that the Institute is in capable hands knowing fully well that my successor has the experience and capacity to take the Institute to greater heights, even as the Institute keeps getting better with every successive administration.