CIBN branch grows profit by 162%

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

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