The total assets of the Bank of Industry (BOI) has hit N3.3 trillion as at June 30 2023, which represents a year-on-year growth of 67 per cent compared to the N1.97 trillion asset level it was at June 2022.
Profit before tax after impairments (PBT) grew by an impressive 177 per cent year on year from N37.5billion in June 2022 to N104 billion in June 2023 (H1). This, the bank said, is due to the prudent management of the bank’s assets and the full hedge of the foreign currency assets.
The bank has historically been able to maintain a non-performing loan (NPL) rate below the regulatory threshold of five per cent, even as the bank’s NPL as at June 2023 was 1.88 per cent down from 3.6 per cent as at December 2022.
BOI has also grown its equity position by 57 per cent since June 2022 – from N403.6 billion to N634 billion in June 2023 (H1) even as BOI’s equity position exceeds the regulatory requirement of N10 billion for retail DFIs.
BOI has contributed to the national budget by paying dividends of approximately N42.2 billion and taxes amounting to N64.2 billion from 2017 to date.
The Bank of Industry is Nigeria’s oldest and most successful DFI. The bank is a duly registered company under the Companies and Allied Matters Act. 2020 and licensed by the Central Bank of Nigeria (CBN). The bank is professionally run with strong corporate governance. It is audited by the KPMG, CBN and rated by local and international rating agencies (Fitch, Moody’s and Agusto & Co.)
It focused heavily on delivering its mandate of supporting industry and MSMEs to grow and thrive by disbursing over N1.4 trillion over the last five years to over 4.4 million customers including MSMEs, most of whom are women owned, thereby, creating and saving 10.005 Million jobs.
Under the leadership of Mr Olukayode Pitan as the MD/CEO), from 2017 to date, BOI has raised over $5 billion from the international financial markets to support its mandate of growing Nigerian industries, MSMEs, Women entrepreneurs and youths.