CIBN records N1.37bn profit, elects Pius Olanrewaju as president

The Chartered Institute of Bankers of Nigeria (CIBN) has announced a net operating surplus of N1.37 billion for 2023, marking a significant growth from the N837.94 million recorded in 2022.

The CIBN President, Dr Ken Opara, disclosed this at the institute’s Annual General Meeting (AGM) in Lagos on Saturday, April 6, 2024.

Opara said the net operating surplus, which was above N1 billion earmarked for 2023, represented a 63.60 per cent growth.

The president, who also coordinated and chaired the AGM, reeled out his achievements in ICT, revenue drive, capacity building, legacy projects, and support in ongoing economic policy reforms in Nigeria, among others.

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

“It is on record that our institute for the first time crossed the N1 billion 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.

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“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.”

Opara, who took over leadership in May 2022, also announced a planned roadshow to flag off the collaboration with the Pan-African Payment and Settlement System on April 25 in Lagos to promote exportation.

He explained how his administration, through teamwork, left indelible marks in the banking industry in an era characterised by disruptions, volatility in the economy, and other turbulence.

Meanwhile, Prof. Pius Olanrewaju was elected as the new CIBN President, alongside other elected officers for the 2024-2026 tenure.

The results of the 72-hour electronic voting election were announced during the AGM by the Chairperson of the CIBN Election Committee, Caroline Anyanwu, at Bankers House in Lagos.

Olanrewaju was the immediate past First Vice President of CIBN.

The Star