CIBN Lagos Reports A Profit Growth Of 162%

The Lagos State branch of the Chartered Institute of Bankers of Nigeria (CIBN) reported a profit increase of 162.02% in 2021.

According to the association, it lost N2.8 million in 2020 but made N1.7 million in 2021. It said its revenue increased by 53.14 percent year over year, from N11.20 million in 2020 to N17.16 million in 2021.

It revealed this in its annual reports and accounts for 2021 and during its 2022 Annual General Meeting. According to the association, Mr. Robert Nnaji, the branch’s treasurer, delivered the audited financial statement.

The branch Chairman, Mr Peter Ashade, reports, “It gives me a lot of delight today to celebrate another period of profitability in the history of the Branch. In the last four, or five years, we’ve been struggling because of the effect and impact of the downturn in the economy, from the Covid-19 down to the serious impact it had on the economy.

“However, last year, because the economy opened up and it grew, we have the effect. And not only that, in the implementation of our strategy, we witnessed a very rapid growth. The previous year, we made N2.8m loss, but this year, we made N1.7m profit. This is great for a non-profit-making organisation. The impact is there; the visibility is getting stronger.

“In all ramifications, when you look at all parameters to assess a going concern organisation, I think we just have it, and this is proved in our 2021 financial performance.”

According to the organization, its educational activities increased by 483.41% in 2021, from N2.27 million in 2020 to N13.25 million, while its net asset increased by 0.18 percent to N127.84 million from N127.60 million.

Ashade added, “When you look at the banking community, we have the commercial, merchant, Microfinance, that is the Money Market. So, there are some different workshops that we do organise, both the open and closed ones.

“The open one is always open for all members among the banks we attend. I think we’ve done one or two this year. The closed ones are the implant that we go to different organisations to go and run. So, it’s a collaboration with the national institute to run that in some organisations.

“And we do that regularly and the area we focus on is anti-money laundering. This is very key, especially in the microfinance of the banking sector. We are really doing a lot in that space to ensure that we educate our members on the impact, implications, how it affects their stability, growing concern, and their adherence to rules and regulations that guide our operations.”