The Chartered Institute of Bankers of Nigeria (CIBN) has reported a remarkable 63.60% increase in operating revenue, reaching N1.37 billion in 2023, a significant jump from the N837.94 million recorded in 2022. This exciting news was shared by CIBN’s president, Ken Opara, during a recent announcement in Lagos.
Opara expressed his delight at the institute’s financial growth despite the challenges faced in 2023. He highlighted that CIBN achieved a Net Operating Surplus of N1.371 billion in 2023, compared to N837.943 million in 2022, marking a substantial growth of 63.60%. Additionally, total revenue saw a 34.72% increase, rising from N2.065 billion in 2022 to N2.782 billion in 2023. Total assets also grew from N7.821 billion in 2022 to N9.119 billion in 2023.
Furthermore, the cost-to-income ratio for the year ending December 31, 2023, decreased to 50.72% from 59.41% in 2022, well below the approved Governing Council threshold of 61% for the 2023 financial year. Opara attributed this success to prudent resource management and the diligent execution of the institute’s strategic plan.
With these impressive financial results, CIBN is on a positive trajectory towards continued growth and success. The institute’s commitment to excellence and financial stability sets a strong foundation for future endeavors.
