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Bank Of Industry Grows Assets By 67%, Profit By 177%

The Bank of Industry, BOI, has a total asset base of N3.3 trillion as of June 30, 2023. This marks a 67% YoY increase on the N1.97 trillion asset level as of June 2022.Profit Before Tax, or PBT, after impairments, has increased by 177% year on year to N104 billion, up from N37.5 billion in 2022.

Historically, the bank has been able to keep its non-performing loan (NPL) rate below the regulatory level of 5%. The bank’s NPLs were 1.88% in June 2023, down from 3.6% in December 2022.BOI has also increased its equity position by 57%, from 403.6 billion to 634 billion, exceeding the legal threshold of 10 billion for retail Development Finance Institutions, DFIs.

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With its strong financial performance, the bank has been able to contribute considerably to the Federation Account, paying dividends of around N42.2 billion and taxes totaling N64.2 billion since the present leadership took over as Managing Director in 2017.

The bank has concentrated extensively on delivering on its objective of assisting industries as well as Micro, Small and Medium Enterprises, MSMEs, to expand and prosper by disbursing over N1.4 trillion to over 4.4 million clients over the previous five years, consequently generating and saving almost 10 million jobs.

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