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BoI extends N779bn loans to industries, records N52bn profit

The Bank of Industry (BoI) realised an after-tax profit of N52.60 billion in 2021, compared to N30.90bn in 2020. According to its result for the…

The Bank of Industry (BoI) realised an after-tax profit of N52.60 billion in 2021, compared to N30.90bn in 2020.

According to its result for the financial year ended December 31, 2021, the bank’s traditional commitment to grow local industries also got a boost as loans and advances to its numerous customers rose from N748.9bn in 2020 to N779.29bn in 2021.

The increased support for industries in 2021 is consistent with its mandate to transform Nigeria’s industrial sector by providing long-term financing and counter-cyclical loans diversified across industries such as agro-processing, gender businesses and renewable energy among others, it said.

In the five years up to 2021, BOI promoted financial inclusion by supporting the expansion of over three million enterprises thereby creating over seven million jobs.

To expand its capital-base to meet the needs of its customers, and contribute to economic growth of Nigeria, the bank made successful forays into the international market and raised about $3.8bn in the last four years.

Investor confidence in BOI is reflected in its balance-sheet which has more than doubled since 2017, growing significantly from N713bn to about N1.7 trillion as at December 2021.

Meanwhile, the Bank of Industry Group, which comprises the bank and its subsidiaries, reported a profit before tax of N62.28bn in 2021, representing 75% higher than the profit of N35.54bn in 2020.

Discounted for tax, the profit for the year under review comes to N53.41bn, compared to N31.59bn in 2020.

Also consistent with its growth trajectory, the group grew its total equity to N384.84bn for the year ended 2021; over the 2020 position of N336.48bn. However, its total assets dropped slightly to N1.71tr.