BoI’s total assets hit N3.91trn, PBT rises by 117.69%

From Adanna Nnamani, Abuja

The Bank of Industry (BOI) has posted an impressive growth and achievement record for the year 2023, despite facing significant global and local economic challenges.

The Bank’s total assets grew  by an impressive 64.6 per cent, rising  from N2.37 trillion to N3.91 trillion.

The bank reported that this impacted on its profits, as profit before tax increased by 117.69 per cent, increasing from N70.7 billion to N153.81 billion, which is the highest in the Bank’s history.

The Bank’s total equity experienced a significant boost, growing by 57.7 per cent from N427 billion to N678 billion, reinforcing the institution’s financial stability and capacity for future investments.

Also, the Bank’s loans and advances saw a substantial increase of 41.5 per cent, rising to N1.14 trillion and N803.6 billion respectively.

Chairman of the BOI Shareholders Committee, Mallam Muhammed Bala, explained that this was due to increased interventions and disbursements to enterprises, which reflects the Bank’s ongoing efforts to provide essential financial support to businesses across various sectors.

Bala, who spoke while dishing out the data at the BOI 64th General Annual Meeting in Abuja, said the bank also significantly increased its disbursements to large, medium, small and micro enterprises, advancing credit amounting to N496.717 billion to 75,809 beneficiaries.

He said that the move was in furtherance to the bank’s drive to boost job creation through its interventions, adding that the efforts have had a substantial socio-economic impact, creating approximately 2,198,953 direct and indirect jobs across the country.

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