Highlights of CBN’s gross income, profit, total assets, liabilities, others for the past 5 years

The Central Bank of Nigeria (CBN) recently released its financial statements for the past five years – from 2018 to 2022.

Here are the highlights for the bank:

Gross income which includes “Interest and similar income calculated using the effective interest method”; Other interest and similar income; Fees and commission income; Net fair value gain on financial instruments; Other operating income, etc.

2022: N3.65 trillion
2021: N2.91 trillion
2020: N2.41 trillion
2019: N2.71 trillion
2018: N2.27 trillion

Profit for the year (profit after all the expense or loss are subtracted from the gross income)

2022: N65.63 billion
2021: N31.04 billion
2020: N1.25 billion
2019: N2.97 billion
2018: N4.22 billion

Total Assets:

2022: N57.52 trillion
2021: N52.73 trillion
2020: N45.47 trillion
2019: N37.95 trillion
2018: N35.24 trillion

External Reserves:

2022: N14.94 trillion
2021: N15.38 trillion
2020: N15.26 trillion
2019: N14.30 trillion
2018: N16.38 trillion

Total liabilities:

2022: N56.44 trillion
2021: N51.96 trillion
2020: N44.97 trillion
2019: N37.27 trillion
2018: N34.72 trillion

Equity attributable to equity holders of the Bank

2022: N1.08 trillion
2021: N770.22 billion
2020: N699.75 billion
2019: N679.56 billion
2018: N518.67 billion

Legal Proceedings:

According to the CBN, “there are a number of litigations outstanding against the Bank as at 31 December 2022 with contingent liabilities of N56.4 trillion as at 31 December 2022 (2021: N51.7 trillion). The Directors estimate that the outflow of economic resources from the litigations is not probable.

“Included in the litigations is a significant case with total claims of N56.3 trillion, in which judgement has been given against the Bank and other co-defendants in prior years and where the Bank’s appeal against the judgment is currently pending before the appellate courts.

“There was a 2nd defendant on this legal case, who had lost at the Federal High Court and the Court of Appeal (the Bank was a party to the 2nd defendant’s appeal) and the matter is currently at the Supreme Court awaiting ruling. The judgement sum amounts to GBP2.159 billion with 15% annual interest calculated with effect from 22 June 1995.

“Management is of the view that a high level of success is expected at the Court of appeal, based on professional legal advice and the likelihood of outflow of economic resources is not probable. Consequently , no provision was recognized in the financial statements.

“The Directors are also of the opinion that all known liabilities and commitments which are relevant in the assessment of the state of financial affairs of the Bank have been taken into consideration in the preparation of these consolidated and separate financial statements.”