CBN Releases Financial Statement, Announces Massive Profit
- The Central Bank of Nigeria has finally released its financial results for 2024, showing a reversal from the 2023 performance
- The apex bank follows the trajectory of commercial banks in Nigeria by reporting a profit of over N38 billion
- The Central Bank of Nigeria's accounts were audited by KPMG Professional Services and Ernst & Young
Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends
The Central Bank of Nigeria (CBN) has announced a dramatic financial turnaround, reporting a profit after tax of N38.8 billion for the 2024 financial year.
The figure represents a bounce back from a staggering N1.55 trillion loss recorded in 2023.
Source: Getty Images
The apex bank disclosed the figures in its newly released audited financial statements, released on Friday, May 2.
In line with the Fiscal Responsibility Act 2011, the CBN will transfer 80% of the Bank's profit to the Federal Government, while retaining 20%.
Part of the report reads:
"The Group and Bank's (loss)/profit for the year ended 31 December 2024 were (N680,626) million and N165,694 million, respectively (2023: N1,155,501 million and N1,268,503 million, respectively).
"In line with the provisions of the Fiscal Responsibility Act, 2011, 20% of the Bank’s profit will be credited to retained earnings, while the balance will be remitted to the Federal Government of Nigeria."
Breakdown of CBN's financial performance
In the report, CBN attributed the rebound to a significant boost in foreign exchange revaluation gains and strong growth in interest and other operating income.
Here is a snapshot of the bank's performance for 2024
- Profit after Tax: N38.8 billion (from N1.55 trillion loss in 2023)
- Net unrealised foreign exchange revaluation gains: N11.28 trillion (up 225% year-on-year)
- Total operating income: N15.1 trillion (from N5.9 trillion in 2023)
- Interest income: N5.1 trillion (up 29.16% from N3.95 trillion in 2023)
- Interest expenses: N4.979 trillion (up 185%)
- Net interest income: N122.91 billion (down 94% from N2.2 trillion in 2023)
Source: Getty Images
Financial position
- Total assets (Group): N117.60 trillion (from N87.88 trillion in 2023)
- Bank’s total assets: N117.44 trillion (from N86.83 trillion in 2023)
- Cash and bank balances: N34.72 billion (from N111.15 billion in 2023)
- External reserves: N54.73 trillion (from N29.98 trillion in 2023)
- Loans and receivables: N10.96 trillion (from N15.09 trillion in 2023)
Liabilities
- Banknotes and coins in circulation: N5.44 trillion (from N3.65 trillion in 2023)
- Total deposits: N52.38 trillion (from N38.18 trillion in 2023)
- CBN Instruments issued: N24.27 trillion (from N17.40 trillion in 2023)
- Other liabilities: N21.20 trillion (from N19.02 trillion in 2023)
- IMF-related liabilities: N5.07 trillion (from N2.52 trillion in 2023)
CBN grants firm licence to operate in Nigeria
Earlier, Legit.ng reported that CBN has granted Preferred Finance Company Limited a license to drive financial inclusion in Nigeria.
The company will look to deliver structured financial solutions, particularly to micro, small, and medium-scale enterprises (MSMEs).
The latest approval has further increased the pool of financial companies in Nigeria to support economic growth through digital financial services.
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Source: Legit.ng
