Central Bank Returns to Profitability, Posts N38.8 Billion Profit for 2024
The Central Bank of Nigeria (CBN) has announced a remarkable recovery from its record loss of N1.1 trillion in 2023, posting a profit of N38.8 billion in 2024.
This significant turnaround is a major boost to the country’s financial sector and a testament to the bank’s efforts to revamp its operations.
According to reports, the CBN’s profit is attributed to a combination of factors, including improved revenue generation, reduced operational costs, and a significant decline in impairment charges. The bank’s management has been working tirelessly to restructure its operations, enhance its risk management framework, and improve its overall efficiency.
The N38.8 billion profit is a welcome development for the Nigerian economy, which has been grappling with various challenges, including a decline in oil prices, inflation, and a depreciating currency. The CBN’s recovery is expected to have a positive impact on the country’s financial stability and contribute to the growth of the economy.
Cardoso expressed his delight at the bank’s performance, stating that “the profit is a testament to the hard work and dedication of the CBN team. We have worked tirelessly to reposition the bank and ensure its sustainability, and this result is a clear indication that our efforts are yielding positive results.”
The governor also attributed the bank’s success to the support of the federal government and the bank’s stakeholders, saying “we appreciate the confidence reposed in us by the government and our stakeholders, and we will continue to work towards achieving our mandate of promoting monetary stability and economic growth.”
The CBN’s profit of N38.8 billion in 2024 is a significant improvement from the N1.1 trillion loss recorded in 2023, which was largely due to the bank’s exposure to non-performing loans and other challenges.
The bank’s management has been working to address these challenges, and the latest result is a clear indication that the bank is on the path to recovery.
The news of the CBN’s profit has been welcomed by financial analysts and stakeholders, who see it as a positive development for the Nigerian economy. “This is a great achievement for the CBN, and it shows that the bank is on the right track,” said a financial analyst, adding, “The profit will help to boost investor confidence and contribute to the growth of the economy.”
The CBN’s recovery is also expected to have a positive impact on the country’s banking sector, which has been facing various challenges in recent times.
The bank’s profit will help to boost the sector’s confidence and contribute to the growth of the economy.
The CBN’s profit of N38.8 billion in 2024 is a significant achievement and a major boost to the Nigerian economy. The bank’s management deserves commendation for its efforts to reposition the bank and ensure its sustainability.
As the bank continues to work towards achieving its mandate, it is expected that the Nigerian economy will benefit from the bank’s growth and stability.
