Bank of Industry grows assets by 67%, profit by 177% - LagosTrend

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Tuesday, September 12, 2023

Bank of Industry grows assets by 67%, profit by 177%

The Bank of Industry, BOI, has achieved a N3.3 trillion total assets as at June 30 2023. This represents a Year-on-Year, YoY, growth of 67% on N1.97 trillion asset level as at June 2022. Profit Before Tax, PBT, after impairments has grown by an impressive 177% YoY to N104billion from N37.5billion in 2022. The Bank has historically been able to maintain a non-performing loan (NPL) rate below regulatory threshold of 5%. The Bank’s NPL as at June 2023 was 1.88% down from 3.6% as at December 2022. BOI has also grown its equity position by 57% to ¦ 634billion from ¦ 403.6billion, which exceeds regulatory requirement of ¦ 10billion for retail Development Finance Institutions, DFIs. With the impressive financial performance, the bank was able to contribute significantly to the Federation Account paying dividends of approximately N42.2billion and taxes amounting to N64.2billion since the current leadership headed Mr Olukayode Pitan as the Managing Director, in 2017 to date. The Bank has focused heavily on delivering its mandate of supporting industries as well as the Micro, Small and Medium Enterprises, MSMEs, to grow and thrive by disbursing over N1.4 trillion over the last five years to over 4.4 million customers, thereby creating and saving about 10 million jobs.

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