CBN Grows Operating Income To N15.23 Trillion
The Central Bank of Nigeria (CBN) has posted a rise in its operating income to N15.23 trillion in 2024 from N5.89 trillion in the preceding year.
This was disclosed in the apex bank’s just-released consolidated and separate financial statements for the year ended December 2024.
It also said the banking sector posted significant growth in its total operating income for its subsidiaries as it rose by 41.3 per cent to N15.1 trillion in 2024, from N5.91 trillion in 2023.
Also, the group posted a profit after tax (PAT) of N38.8 billion, indicating a recovery from a N1.15 trillion loss in 2023.
The CBN Group’s year-on-year losses declined to N680.62 billion in the year under review compared to N1.16 trillion in 2023.
The statement of accounts of the group comprises the CBN and its subsidiaries.
The apex bank holds 89.52 per cent of the share capital of Nigerian Security Printing and Minting (NSPM) Plc, its subsidiary, while the Bureau of Public Enterprise and DE LA RUE of the UK have 9.61 per cent and 0.87 per cent shares, respectively.
The CBN also holds a controlling interest of 53.71 per cent (equivalent to 89.52 per cent of a 60 per cent ownership) in Tawada Limited, an indirect subsidiary of the bank.
Furthermore, the apex bank holds 100 per cent of the share capital in Nigeria Incentive-Based Risk-Sharing System for Agricultural Lending Pic (NIRSAL), and 99.99 per cent of the share capital in Nigerian Electricity Supply Industry Stabilisation Strategy Limited (NESI).
The central bank also owns 70 per cent share capital in Infrastructure Corporation of Nigeria Limited (InfraCorp).
Thus, the group presented a summary of its consolidated and separate statements of financial position broadly in order of liquidity.
Nonetheless, the Group’s total liabilities and equity increased to N117.60 trillion in 2024 from N87.87 trillion in 2023.
Net Unrealised Foreign Exchange revaluation gains also increased by 225 per cent year on year to N11.28 trillion.
Loans and receivables stood at N10.96 trillion compared to N15.09 trillion in 2023.
The apex bank’s quota in the International Monetary Fund (IMF) increased to N4.91 trillion in 2024 compared to N2.96 trillion in 2023.
The CBN quota determines its financial contribution, voting power, and access to IMF financing.
Group’s total liabilities stood at N116.58 trillion compared to N85.86 trillion in 2023.
CBN’s liabilities to the International Monetary Fund (IMF) grew to N5.06 trillion, from N2.52 trillion, while the former’s current tax liabilities increased to N9.25 billion compared to N6.81 billion in 2023.
Among other things, banknotes and coins in circulation rose to N5.44 trillion compared to N3.65 trillion, while total deposits climbed to N52.38 trillion compared to N38.18 trillion in 2023.
In addition, the value of CBN’s Instruments issued increased to N24.27 trillion compared to N17.40 trillion in the preceding financial period.
