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BoI grows assets by 39 percent.

BoI wins Best Devt Bank of the year, Best Syndicated Loan awards

The Bank of Industry said its asset base rose from N1.71tn to N2.38tn in 2022 financial year.

The Chairman, Board of Directors, BOI, Mallam Aliyu Dikko, disclosed this during the bank’s 63rd annual general meeting in Abuja.

In a statement, he said this was in addition to an increase in profit before tax, which grew by 15.6 per cent to N71.98bn in 2022, from N62.28bn in 2021.

The bank also declared a dividend payment of N7.82bn to its shareholders.

According to the chairman, the growth in the bank’s assets was made possible by the conclusion of three successful capital raising transactions in the year, in which the bank raised over $2bn, despite the global economic headwinds.

Also speaking during the meeting, the Managing Director/Chief Executive Officer, BOI, Mr Olukayode Pitan, said the performance and results of the bank had been instrumental in attracting both local and foreign capital, which had enabled BOI to fulfill its mandated obligations effectively.

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By surpassing obstacles posed by the challenging economic conditions, BOI said it had demonstrated its ability to thrive and deliver positive outcomes.

The bank’s consistent upward trajectory was a reflection of its commitment to providing financial support and fostering growth in various sectors, even in the face of formidable economic headwinds, he said.

In the year under review, he said, the bank disbursed N210.7bn to 418,436 beneficiaries which resulted in the creation of an estimated 1,255,974 direct and indirect jobs.

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The statement added, “This is a 32.1 percent uptick from the 950,640 direct and indirect jobs created in 2021 through the Bank’s interventions.

“This includes the disbursement of N2.51bn to 932 beneficiaries in the pilot states of Kano, Gombe and Edo, under the $14.27m BRAVE (Business Resilience Assistance for Value adding Enterprise) Women Nigeria programme, on behalf of the Islamic Development Bank Group; and the disbursement of grants of N2.2bn to 14,046 beneficiaries, bringing the total amount disbursed up to N2.54bn, on behalf of the fund owners to 15,864 beneficiaries across 15 states.”

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