During the first quarter of the year when most businesses in Nigeria struggled as a result of difficulties posed by the Naira redesign policy of the Central Bank of Nigeria (CBN), the Bank of Industry was coasting to an unimaginable profit experience.
Now, as we enter the ember months, the Bank of Industry (BoI) says it has recorded another historic milestone by achieving ₦3.3 trillion in total assets as of June 30, 2023.
According to the bank, this represents a year-on-year growth level of 67% on the ₦1.97 trillion asset level as of June 2022.
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In a statement, BoI, said the profit before tax after impairments has grown by 177% year-on-year from ₦37.5 billion in June 2022 to ₦104 billion in June 2023.
This is due to the prudent management of the bank’s assets and the full hedge of the foreign currency assets.
BoI, has historically been able to maintain a non-performing loan rate below the regulatory threshold of 5%.
The bank’s NPL as of June 2023 was 1.88% down from 3.6% as of December 2022.
According to the statement, BoI has also grown its equity position by 57% since June 2022 – from ₦403.6 billion to ₦634 billion in June 2023 (H1).
BOI’s equity position exceeds the regulatory requirement of ₦10 billion for retail DFIs.
BoI has contributed to the national budget by paying dividends of approximately ₦42.2 billion and taxes amounting to ₦64.2 billion from 2017 to date,” the statement said.
The bank in the statement, noted that under the leadership of Olukayode Pitan (Managing Director/Chief Executive Officer), from 2017 to date, it has raised over $5 billion from the international financial markets to support its mandate of growing Nigerian industries, MSMEs, women entrepreneurs and youths.
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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”.
The first of the transactions was a $750 million syndication concluded in 2017 with the support of BoI and a team of international financial institutions (now fully paid off).
