Bank Of Industry Grows Profit By 75 Percent

The Bank of Industry (BOI) has recorded Profit Before Tax of N61.15 billion in the 2021 financial period, a 75 percent increase over the corresponding period of 2020.

Chairman of BOI’s Board of Directors, Mallam Aliyu Dikko, announced the results during the bank’s 62nd Annual General Meeting, AGN, in Abuja.

The Bank also declared a dividend payment of N7.89 billion to its shareholders, the Ministry of Finance Incorporated and the Central Bank of Nigeria, showing its capacity to withstand economic headwinds and boost the Federal Government’s revenue.

Speaking during the AGM, BOI’s Managing Director/CEO, Mr. Olukayode Pitan, said the upward trajectory in the bank’s performance and results have enabled it to attract local and foreign capital in order to fulfill the obligations of its mandate.

Most recently, in February 2022, BOI successfully issued a €750 million Eurobond to enhance its capital base to support its customers and the real sector of the Nigerian economy.

In the year under review the Bank disbursed a total of N213.63 billion to 30,406 Nigerian enterprises through both direct and indirect methods. This represents a 47.3% increase over disbursements in 2020.

The 2021 disbursement includes N2.99 billion to 22,120 farmers through the bank’s Smallholder Farmers on-lending product; and N1 billion to 4,000 micro-retailers through the Bank’s MSME Distributor Finance Programme.

Through these interventions, an estimated 950,640 direct and indirect jobs were created in 2021.

Mr. Pitan also reaffirmed the bank’s continued efforts towards supporting its stakeholders and achieving its mandate.