BoI assets hit N3.3trn in H1 2023

The Bank of Industry has recorded yet another historic milestone by achieving N3.3 trillion in total assets as of June 30 2023. This represents a year-on-year growth level of 67% on N1.97 trillion asset level as at June 2022.

Profit Before Tax (PBT) after impairments has grown by an impressive 177% year on year from N37.5bn in June 2022 to N104bn in June 2023 (H1). This 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 5%. The bank’s NPL as of June 2023 was 1.88% down from 3.6% as at December 2022.

BOI has also grown its equity position by 57% since June 2022 – from N403.6bn to N634bn in June 2023 (H1). BOI’s equity position exceeds the regulatory requirement of N10bn for retail DFIs.

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BOI has contributed to the national budget by paying dividends of approximately N42.2bn and taxes amounting to N64.2bn from 2017 to date.

The bank has focused heavily on delivering its mandate of supporting industry and MSMEs to grow and thrive by disbursing over N1.4 trillion over the last 5 years to over 4.4million customers including MSMEs (Most of whom are women owned) thereby creating and saving 10.5million jobs.

Mr Pitan said, “In 2023, the BOI continued its impressive growth in major financial indices on a year-on-year basis, thus consolidating its position as Nigeria’s largest and most impactful Development Finance Institution.”