THE Central Bank of Nigeria (CBN) and its subsidiaries have recovered from an N1.16 trillion loss in 2023, reporting a profit after tax of N38.8 billion in its 2024 financial year.
The apex bank reported this in its 2024 audited financial statements released on Friday, May 2.
It shows that the group rebounded from the N1.16 trillion loss suffered in the 2023 financial year in its profit lines, including net operating income and profit before tax recorded positive performance.
The group refers to CBN and its subsidiaries, including the Nigerian Security Printing & Minting Plc (MINT) and Nigerian Electricity Supply Industry Stabilisation Strategy Limited (NESI SS Ltd), among others.
According to the report, CBN posted a net operating income of N1.17 trillion in 2024 from a loss of N594.25 billion loss in 2023.
It recorded an N44.68 billion profit before tax from a loss of N1.15 trillion and a profit after tax of N38.84 billion from N1.16 trillion in 2023.
A further look at the CBN financial statements indicates that the apex bank reported total assets of N117.6 trillion from N87.87 trillion in the review period.
The growth in total assets was boosted significantly by increases in external reserves to N54.72 trillion, up from N29.97 trillion in 2023.
Its total liabilities also increased by N116.58 trillion, compared to N85.86 trillion in 2023.
The difference in CBN’s total assets and liabilities in the review period reveals a decline in total equity from N2.01 trillion in 2023 to N1.01 trillion in 2024.
Further analysis from the CBN financial statements is that its International Monetary Fund (IMF) holdings of special drawing rights (SDRs) increased by 61.42 per cent to N6.36 trillion in 2024, from N3.94 trillion in the previous year; while debt instruments from amortised cost rose by 12.67 per cent to N29.8 trillion from N26.45 trillion.
The ICIR had, in a report, analysed why CBN, like other public interest entities, should disclose its financial statements to engender trust, transparency, and accountability in its operations.
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The concern came after CBN halted the release of its yearly financial statements for several years.
Amid an investigation into its financial management, the apex bank had to release seven years of its financial statements from 2016 to 2022, The ICIR reported in August 2023.