The Bank of Industry, BOI total assets grew to N1.86 trillion during the 2020 financial year, according Aliyu Dikko, the chairman, Board of Directors of the bank. This, according to Dikko was achieved despite the COVID 19 headwinds that hit businesses last year.
He disclosed this at the 61st Annual General Meeting of the bank held on Thursday, in Abuja, where the bank stated that the N1.86 trillion represented an increase of 79.1 per cent when compared to the N1.04 trillion it recorded in the 2019 financial year.
He said the increase in total assets by 79.1 per cent was driven to a large extent by the successful debt syndications of €1 billion and $1 billion that were concluded in March and December 2020, respectively.
The Group’s total equity increased by 15.3 per cent from N293.08 billion in the previous year, to N336.48 billion in 2020, the chairman of the bank said, adding that loans and advances grew marginally in 2020 by 1.3 per cent to N749.84 billion, compared with the 2019 fiancial year.
Profit Before Tax fell by 9.6 per cent from N39.34 billion in 2019 to N35.54 billion, while Dikko mentioned BOI milestones to include the facilitation of the disbursement of N2.5 billion and N1.2 billion under the N-Power and Government Enterprise & Empowerment Programmes to 300,011 and 109,039 beneficiaries, in line the bank’s partnership with the Federal Government under the National Social Intervention Programme.
The chairman of BOI said“Despite the challenging year, I am pleased to announce that the Group’s financial statements remain strong and resilient. The COVID-19 pandemic has forced the world to transform much faster than expected from the way we work to how we communicate; from the way we learn, to how we travel.
“We have witnessed improved opportunities in key sectors and industries, notably health care and Information and Communication Technology. The IMF projects a growth of 1.5 per cent for Nigeria on the back of recovery in oil economy, as well as implementation of key initiatives aimed at spurring economic growth.
“Our broad strategy in the coming year shall mirror that of the government, in terms of focusing on business recovery, whilst keeping an eye on growth and new business opportunities,” Dikko said
