byin Agriculture, Business News, Manufacturing
Article Summary
- Total group assets grew by 39.2% between 2021 and 2022 to N2.38 trillion from N1.71 trillion.
- Growth was largely due to the three successful capital-raising transactions worth 1. 85 billion Euros.
- Profit before tax grew 15.6 per cent growth from 62. 28 billion to N 71. 99 billion in 2021 and 2022.
Nigeria’s Bank of Industry has said that its total group assets has grown by 39.2% between 2021 and 2022 to N2.38 trillion from N1.71 trillion.
This was disclosed by the Chairman Board of Directors of Bank of Industry (BOI) Group, Aliyu Dikko, during the 63rd Annual General Meeting (AGM) of the bank in Abuja on Thursday.
BOI stated that it’s asset growth was mainly due to 3 successful capital-raising transactions worth 1. 85 billion Euros for the period.
Asset Growth
Group Chairman, Aliyu Dikko, said that the total assets of the group grew by 39. 2 per cent between 2021 and 2022, even as the BOI has maintained appreciable growth in its financial performance in the year. He added:
- “Total Assets of the group grew by 39. 2 per cent between 2021 and 2022, from N1. 71 trillion to N2. 38 trillion respectively.
- “This growth was largely due to the three successful capital raising transactions worth 1. 85 billion Euros in the year.
- “The group also reported a growth of 11. 7 per cent in its total equity between 2021 and 2022, from N 384. 85 to N 429. 83 billion respectively.
Profit and Loans
The BOI Chief noted that profit before tax grew by 15.6% for the period, and loans improved by 3.2%, he noted that loans and advances improved by 3. 2 per cent from N780. 48 billion in 2021 to N805. 46billion in 2022, adding:
- “Profit before tax also followed the same trend, reporting 15. 6 per cent growth from 62. 28 billion to N 71. 99 billion in 2021 and 2022 respectively.”
He explained that the BOI’s remarkable performance depicted the passionate and proactive disposition of the bank, to continue to effectively deliver on its mandate, as the macro-economy gradually strengthens, citing challenges encountered during the period, saying that it was an opportunity for the bank to perform better.
The managing Director, Mr. Olukayode Pitan, said that in terms of headway, 2022 was a tough year and attracting foreign investment into Nigeria was difficult, expressing optimism that the bank would continue to grow and exceed N5 trillion shareholders fund in the coming years.
- “But that notwithstanding, the bank within the year was able to bring an inflow of about two billion dollars into the country.
- “Our major shareholders have shown their confidence in the bank by increasing their stake in the bank.’’
He also noted that one resolution approved at the AGM was that the share capital of the bank was increased from N250 billion to N500 billion, citing that shareholders’ funds are over N400 billion but there are some funds by shareholders deposited for shares.
- “So when we put everything together our shareholder’s funds will be very close to N600 billion.
- “We are getting toward the target that we have which the minimum should be about N1trillion, because that will allow us to do more than we are doing now.”
What you should know
Recall that Nairametrics reported last year that The Bank of Industry disclosed that it disbursed a total of N213.63 billion to 30,406 Nigerian enterprises in 2021.
Mr Olukayode Pitan, the Managing Director of BOI, said that the bank was able to successfully scale up its developmental impacts in the year under review compared to previous years, in spite of COVID-19.
