The Central Bank of Nigeria (CBN) has released its audited financial statements for 2016-2022. The result showed that the apex financial services regulator recorded a profit of N65.63 billion in 2022 — more than double the figure it reported a in the previous year (N31.04 billion).
The apex bank said the financial statements of the last seven years hd been approved by its board in accordance with the provisions of the CBN Act of 2007.
“We present the state of affairs of the Group and the Bank as at 31 December 2022, the results and cash flows of the Group and the Bank in accordance with the accounting policies set out on pages 18 to 49 which are derived from the IFRS Standards as issued by the International Accounting Standards Board (IFRS Standards)”, CBN said in the statement.
In the period under review, CBN (the Group) recorded a profit of N103.85 billion. The Group refers to CBN and its subsidiaries including the Nigerian Security Printing & Minting Plc (MINT), Nigerian Electricity Supply Industry Stabilisation Strategy Limited (NESI SS Ltd), among others.
“The Group and bank’s profit for the year was N103,854 million and N65,626 million respectively (2021: N75,125 million and N31,044 million respectively). In line with the provision of the Fiscal Responsibility Act 2011, 20 percent of the net income of the bank will be credited to retained earnings, while the balance will be paid to the federal government of Nigeria,” the report reads.
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