Abuja, May 23, 2024 – The Bank of Industry (BOI) recorded N153.81 billion profit before tax in its last financial year, the highest in its history.
The figure represents an increase of 117.69 percent over the N70.7 billion profit before tax recorded in the preceding year.
Its loans and advances also rose by 41.5 percent to N1.14 trillion and N803.6 billion, respectively during the year due to increased interventions and disbursements to enterprises.
Speaking at the 64 Annual General Meeting of the bank in Abuja on Wednesday, Mallam Muhammed Bala, the Chairman of its Shareholders Committee, commended the bank’s performance in spite of the harsh operating environment.
According to him, that the Bank’s total assets also rose by 64.6 per cent from N2.37 trillion to N3.91 trillion in its last financial year.
Bala said these achievements underscored the bank’s commitment to enhancing its financial foundation and expanding its capacity to support the country’s industrial sector.
“In furtherance to its drive to boost job creation through its interventions, the BOI significantly increased its disbursements to large, medium, small and micro enterprises, advancing credit amounting to N496.717 billion to 75,809 beneficiaries.
“These efforts have had a substantial socio-economic impact, creating approximately 2,198,953 direct and indirect jobs across the country.
“This impacted on the Bank’s profits, as the Bank’s profit before tax increased by 117.69 per cent, increasing from N70.7 billion to N153.81 billion, which is the highest in the Bank’s history.
“Also, the Bank’s loans and advances saw a substantial increase of 41.5 per cent, rising to N1.14 trillion and N803.6 billion respectively, due to increased interventions and disbursements to enterprises, which reflects the Bank’s ongoing efforts to provide essential financial support to businesses across various sectors.
“The Bank’s total equity experienced a significant boost, growing by 57.7 per cent from N427 billion to N678 billion, reinforcing the institution’s financial stability and capacity for future investments,” Bala said.
Olasupo Olusi, the bank’s Managing Director, said BoI had not only contributed to President Bola Tinubu’s “goals of economic recovery and job creation, but also have empowered Nigerian enterprises, especially the micro and small ones, to remain in operation sustainably”.
He said the bank was able to achieve this through its disbursement lines and managed intervention programmes which included the Smallholder Farmer Financing Product, MSME Distributor Finance Programme, Fintech/Digital Lending Product, Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES), the Business Resilience Assistance for Value-Adding Enterprise (BRAVE), amongst others/ (GBN)
