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The Bank of Industry (BoI) Group has reported a profit before tax of N62.28 billion for the financial year ended December 31, 2021; 75 per cent higher than the 2020 profit of N35.54 billion.
This is contained in the Group’s summary financial information released yesterday.
Discounted for tax, the profit for the year under review comes to N53.41 billion, compared to N31.59 billion in 2020.
Also consistent with its growth trajectory, the Group grew its total equity to N384.84 billion for the year ended 2021; over the 2020 position of N336.48 billion. However, its total asset dropped slightly to N1.71 trillion.
The Group comprises the Bank of Industry and its subsidiary companies.
The Bank made an after tax profit of N52.60 billion in 2021, compared to N30.90 billion in 2020.
It has consistently demonstrated resilience in the face of macro-economic headwinds and recorded remarkable growth, even in the face of the challenges posed by the COVID-19 pandemic.
The Bank’s traditional commitment to grow local industries got a boost as loans and advances to its numerous customers rose from N748.9 billion in 2020 to N779.29 billion in 2021.
The increased support for industries in 2021 was 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.
In the five years up to 2021, BoI promoted financial inclusion by supporting the expansion of over three million enterprises, thereby creating over 7 million jobs.
To expand its capital-base to meet the needs of its customers, and contribute to economic growth of the Nigeria, the bank made successful forays into the international market and raised about $3.8bn in the last 4 years.
