The Central Bank of Nigeria (CBN) has posted a profit after tax of N38.8 billion for 2024 financial year, indicating a recovery from a N1.15 trillion loss in 2023.
According to the consolidated and separate financial statements for the year ended December 2024 released by the CBN, the apex bank recorded N15.23 trillion as operating income in 2024, up from N5.89 trillion in 2023.
The report noted that 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.
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 Nigerian 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).
The group also presented a summary of its consolidated and separate statements of financial position broadly in order of liquidity with 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 report noted that CBN’s liabilities to the International Monetary Fund (IMF) grew to N5.06 trillion, up from N2.52 trillion, while the former’s current tax liabilities increased to N9.25 billion compared to N6.81 billion 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.
GIK/APA