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Business News of Wednesday, 4 May 2022

Source: punchng.com

CIBN branch grows profit by 162%

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The Chartered Institute of Bankers of Nigeria, Lagos State branch, has said it grew its profit by 162.02 per cent in 2021.

According to the association, in 2020 it recorded a N2.8m loss, but recorded a N1.7m profit in 2021. It said its income grew from N11.20m in 2020 to N17.16m in 2021, a 53.14 per cent increase year-on-year.

It disclosed this during its 2021 annual reports and accounts at its 2022 Annual General Meeting.

According to the association, the branch’s treasurer, Mr Robert Nnaji, presented the audited financial statement.

In a statement, the branch Chairman, Mr Peter Ashade said, “It gives me a lot of delight today to celebrate another period of profitability in the history of the Branch.

In the last four, 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, so 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 organisation, it recorded an increase in its educational activities in 2021 from N2.27m in 2020 to N13.25m, a 483.41 per cent increase while its net asset grew by 0.18 per cent to N127.84m from N127.60m have a 0.18 percent.

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.”