• Login
  • Register
Nairametrics
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
Nairametrics
No Result
View All Result
Home Markets Equities Company Results

CBN reports N38.8 billion profit in 2024, recovers from record N1.15 trillion loss in 2023

Idika Aja by Idika Aja
May 2, 2025
in Company Results, Financial Services, Markets, Spotlight
CBN, forex
Share on FacebookShare on TwitterShare on Linkedin

The Central Bank of Nigeria (CBN) has released its 2024 audited financial statements, reporting a profit after tax of N38.8 billion, a rebound from the N1.15 trillion loss recorded in the 2023 financial year.

According to the report, the strong performance was driven largely by strong growth in interest income and other operating income, particularly net unrealized foreign exchange revaluation gains of N11.28 trillion, up 225% year-on-year.  

This surge contributed to a total operating income of N15.1 trillion, compared to N5.9 trillion in 2023. 

RelatedStories

CBN, forex

Banks face 12-month deadline as CBN unveils AI-driven anti-money laundering standards 

May 21, 2025
President Bola Tinubu,

Nigeria’s external debt service bill hits $2.01 billion in four months, gulps 77% of foreign payments 

May 21, 2025

While the CBN recorded a 29.16% year-on-year increase in interest income to N5.1 trillion (from N3.95 trillion in 2023), interest expenses surged even more dramatically, rising by 185% to N4.979 trillion.  

As a result, net interest income plunged by 94% to N122.91 billion, down from N2.2 trillion in the previous year. 

The financial statements were prepared in line with the International Financial Reporting Standards (IFRS) and the guidelines of the Financial Reporting Council of Nigeria (FRC), including the 2023 amendments to the CBN Act and the FRC Act.

The accounts were audited by KPMG Professional Services and Ernst & Young and signed by Akinyemi Ashade and Abiodun Akinnusi, respectively, both dated 30 April 2025.

According to the statement, the Group’s negative performance reflects a challenging macroeconomic environment during the year. In compliance with the Fiscal Responsibility Act 2011, the CBN noted that 20% of the profit will be credited to retained earnings, while the balance will be transferred to the Federal Government of Nigeria.

Key financial highlights 

  • The CBN’s consolidated total assets rose sharply to N117.60 trillion as at 31 December 2024, up from N87.88 trillion recorded a year earlier. Separately, the Bank’s total assets increased to N117.44 trillion from N86.83 trillion.
  • Cash and bank balances declined significantly to N34.72 billion from N111.15 billion, while external reserves grew to N54.73 trillion, up from N29.98 trillion in 2023. IMF Holdings of Special Drawing Rights (SDRs) also increased to N6.36 trillion from N3.95 trillion.
  • Loans and receivables dropped to N10.96 trillion compared to N15.09 trillion in 2023, indicating lower credit exposure during the period.
  • On the liability side, banknotes and coins in circulation rose to N5.44 trillion, from N3.65 trillion, while total deposits climbed to N52.38 trillion, up from N38.18 trillion the previous year. The value of Central Bank of Nigeria Instruments issued increased to N24.27 trillion from N17.40 trillion.
  • Other liabilities rose to N21.20 trillion compared to N19.02 trillion in 2023, while the IMF-related liabilities stood at N5.07 trillion, doubling from N2.52 trillion recorded previously.
  • Total liabilities for the Group amounted to N116.59 trillion in 2024, compared to N85.86 trillion in 2023.
  • The Group’s total equity fell to N1.01 trillion from N2.01 trillion a year earlier. The Bank’s standalone equity also dropped to N728.24 billion, from N882.42 billion in 2023.
  • Accumulated losses worsened to N798.55 billion for the Bank, compared to N874.82 billion recorded in 2023. Meanwhile, the Bank reported a fair value reserve of N800.78 billion as at the end of the year.

What you should know 

The audit opinion indicated that the financial statements give a true and fair view of the financial position of the Central Bank of Nigeria as at 31 December 2024, with no qualification or emphasis of matter noted.

The latest numbers mark a significant shift in the CBN’s financial trajectory and may shape monetary and fiscal policy discussions going forward.

Tags: CBNCBN 2024 audited financial statementsProfit after tax
Idika Aja

Idika Aja

Idika is a Chartered Stockbroker with expertise in financial analysis, equity research, perspective analysis, and investment commentary.

Related Posts

CBN, forex
Circulars

Banks face 12-month deadline as CBN unveils AI-driven anti-money laundering standards 

May 21, 2025
President Bola Tinubu,
Economy

Nigeria’s external debt service bill hits $2.01 billion in four months, gulps 77% of foreign payments 

May 21, 2025
CBN Governor Yemi Cardoso to be honoured at Nairametrics Capital Market Awards for monetary policy reforms and banking sector recapitalization 
Business News

CBN Governor Yemi Cardoso to be honoured at Nairametrics Capital Market Awards for monetary policy reforms and banking sector recapitalization 

May 21, 2025
CBN, forex
Financial Services

CBN dismisses panic reports, affirms banking sector remains safe and stable 

May 20, 2025
CBN, forex
Economy

MPC likely to hold MPR at 27.5%, but room remains for a modest hike 

May 17, 2025
UK
Economy

The top items driving inflation in Nigeria in April 2025 – CBN Survey 

May 17, 2025
Next Post
Jaiz Bank earmarks N10bn to ease Hajj Operation in Nigeria  

Jaiz Bank earmarks N10bn to ease Hajj Operation in Nigeria  

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

nlng
Zenth Bank
Emple
first bank
Zenth Bank








DUNS

Recent News

  • How to choose the best forex broker: Key factors to consider
  • NASRDA to train youths annually in space sector skills across Nigeria – DG Adepoju 
  • Trump threatens to impose 25% tariff on Apple over offshore iPhone production 

Follow us on social media:

Recent News

How to choose the best forex broker: Key factors to consider

How to choose the best forex broker: Key factors to consider

May 23, 2025
NASRDA to train youths annually in space sector skills across Nigeria – DG Adepoju 

NASRDA to train youths annually in space sector skills across Nigeria – DG Adepoju 

May 23, 2025
  • iOS App
  • Android App
  • Contact Us
  • Home
  • Markets
  • Sectors
  • Economy
  • Business News
  • Financial Literacy
  • Disclaimer
  • Ads Disclaimer
  • Copyright Infringement

© 2025 Nairametrics

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Social Media Auto Publish Powered By : XYZScripts.com
No Result
View All Result
  • Home
  • Exclusives
    • Financial Analysis
    • Corporate Stories
    • Interviews
    • Investigations
    • Metrics
    • Economy
    • Nairalytics
  • Markets
    • Currencies
    • Cryptos
    • Commodities
    • Equities
      • Company Results
      • Dividends
      • Stock Market
    • Fixed Income
    • Market Views
    • Securities
  • Sectors
    • Agriculture
    • Aviation
    • Company News
    • Consumer Goods
    • Corporate Updates
    • Corporate deals
    • Corporate Press Releases
    • Energy
    • Entertainment
    • Financial Services
    • Health
    • Hospitality & Travel
    • Manufacturing
    • Real Estate and Construction
    • Renewables & Sustainability
    • Tech News
  • Business News
    • Budget
    • Public Debt
    • Funds Management
    • Tax
  • Financial Literacy
    • Career tips
    • Personal Finance
  • Lifestyle
    • Billionaire Watch
    • Profiles
  • Opinions
    • Blurb
    • Op-Eds
    • Research Analysis
  • Recapitalization
    • Access Holdings Offer
    • Fidelity Bank Offer
    • GTCO Offer
    • Zenith Bank Offer
  • Login
  • Sign Up

© 2025 Nairametrics