The Chartered Institute of Bankers of Nigeria (CIBN), Lagos Branch, has declared a profit of N1.7 million for the 2021 financial year.

Speaking at the 2022 yearly general meeting held at the CIBN e-Learning Centre, Yaba, the Branch Chairman, Peter Ashade, expressed delight at the change in fortunes of the branch compared to previous years when it recorded losses.

Ashade said: “It gives me a lot of delight today to celebrate another profit in this branch. In the last four or five years, we have been struggling because of the effects of the economic downturn, lately made worse by the COVID-19 pandemic. However, the economy opened up last year and it grew with positive effects on earnings.

“Besides, in the implementation of our strategy, we witnessed very rapid growth. In the previous year, the branch made a N2.8 million loss, but this year, we made N1.7 million profit, which is great for a non-profit organisation such as ours. The impact is there and the visibility is getting stronger,” he said.

Ashade added that the branch was doing much to ensure it educates its members as well as how it can affect their stability and ensure that regulations are complied with.