NIBSS Profit Spikes 42% to N15.467 billion

NIBSS Profit Spikes 42% to N15.467 billion

Nigeria Inter-Bank Settlement System (NIBSS) annual profit spiked more than 42% to N15.467 billion in 2022, the Central Bank of Nigeria (CBN) audited report showed. In 2021, the company reported that its profit came at N10.882 billion.  

The proportion of the Bank equity interest to the total holding in this institution is 3.6%, according to the CBN audited report, translating to a N140 million share of profit in 2022.

The electronic payment ecosystem within Nigeria has witnessed a remarkable expansion in recent years, propelled by several drivers, with the apex bank playing a pivotal role evidenced by a substantial surge in the total value and volume of payment transactions.

In 2022, NIBSS gross income surged 37.51% year on year to N34.636 billion following a spike in alternative banking channels spurred by financial inclusion drive in Nigeria. The company recorded a gross income of N25.187 billion 12 months earlier on post covid-19 earnings boost.

NIBSS total operating expenses printed at N13.154 billion or about 38% of the company’s gross income in 2022. This translates to an annual increase of 44.27% when compared with N9.117 billion (35.31% of gross income) expended on operations in 2021.

This left the company with N21.482 billion as pretax profit in 2022, which was a significant improvement of 33.68% when compared with N16.07 billion reported in the comparable period.

After-tax expenses, the inter-bank settle company recorded a 42.133% annual profit growth, rising from N10.882 billion to N15.467 billion in 2022.   In the year, the company’s total equity printed at N43.776 billion from N33.635 billion in the comparable period.  NIBSS short-term obligation spiked from N9.42 billion to N12.803 billion.

The Nigeria Inter-Bank Settlement System Plc. (NIBSS) was set up by the decision of the Bankers Committee in 1992, as a Banking Industry Shared-Service, to help streamline inter-bank payments and settlement mechanisms, and to promote electronic payments in Nigeria. The company was incorporated in April 1993 but commenced operations on the 13th of June 1994. #NIBSS Profit Spikes 42% to N15.467 billion Naira Devaluation Deepens Economic Crisis in Nigeria