The Chartered Institute of Bankers of Nigeria (CIBN) has surpassed the N1 billion mark, achieving a net operating surplus of N1.371 billion in 2023, marking a significant 63.60 percent increase from N837.943 million in 2022.
Dr. Ken Opara, the immediate past president and Chairman of the Council, CIBN, disclosed the institute’s financial performance during the 2024 annual general meeting. He reported that the institute’s overall revenue rose from N2.065 billion in 2022 to N2.782 billion in 2023.
Furthermore, Opara highlighted that the institute’s total assets surged from N7.821 billion in 2022 to N9.119 billion in 2023, reflecting a gain of 34.72%.
The cost-to-income ratio decreased from 59.41 percent in 2022 to 50.72 percent by the end of December 31, 2023, significantly lower than the 61 percent requirement set by the governing council for the fiscal year 2023, Opara emphasized.
“We will continue on this upward trajectory through prudent resource management and diligent execution of our strategic plan,” Opara affirmed.
Expressing optimism for the quick passage of the institute’s Act, Opara stressed the importance of adapting to changes in the banking and financial landscape to promote ethics and professionalism in the industry. He underscored the significant progress made in the review of the enabling CIBN Act.
Opara highlighted that strategic initiatives undertaken by the institute’s leadership led to these advancements, with the bill currently undergoing legislative drafting and poised for presentation on the Senate floor.
With the Ministry of Finance and the Office of the Attorney General of the Federation already reviewing and approving the bill, Opara expressed confidence in its expedited passage.
He urged efficient cooperation to ensure a sustainable future for the banking sector, noting the organization’s strides in professionalism and ethics, which have contributed to shaping the next generation of banking professionals, with over 23,000 new members under the age of 26.
During the electoral process, Prof. Pius Olanrewaju emerged as the new president-elect. Alongside other executives and members of the governing council, including Peter Ashade as Treasurer, Oladele Alabi as First Vice President, and Mojisola Bakare-Asieru as Second Vice President, Olanrewaju pledged to work diligently and unveiled his agenda for the institute upon assuming office as president.
