The Bank of Industry has announced a profit before tax of N153.81 billion for 2023, marking a 117.69% increase from the previous year’s N70.7 billion. This marks the highest PBT in the bank’s history.
This indicates the Bank’s resilience and strategic financial performance despite challenging economic climate.
This was disclosed by the Chairman of the Shareholders Committee, Mallam Muhammed Bala in its 64th Annual General Meeting held at the Transcorp Hilton, Abuja, according to Nairametrics.
Bala highlighted the Bank’s growth in various financial metrics.
The Bank’s total assets rose by 64.6%, from N2.37 trillion to N3.91 trillion. This increase underlines BOI’s strengthened financial framework and expanded capacity to support Nigeria’s industrial sector.
BOI’s total equity experienced a substantial boost, growing by 57.7% from N427 billion to N678 billion. This increase further reinforces the institution’s financial stability and capacity for future investments.
The Bank of Industry granted loans of N496.717 billion to 75809 beneficiaries in the sectors of large, medium, small, and micro enterprises in 2023.
This disbursement contributed significantly to job creation and economic stability and has been a decisive factor in creating around 2,198,953 direct and indirect jobs across the country.
The Bank’s loans and advances rose substantially by 41.5% to N1.14 trillion compared to the previous N803.6 billion. This growth highlights BOI’s continued efforts to provide essential financial support to businesses across various sectors, reinforcing its role as a key driver of industrial development in Nigeria.
A press statement after the meeting read “In furtherance to its drive to boost job creation through its interventions, the BOI significantly increased its disbursements to large, medium, small, and micro enterprises, advancing credit amounting to N496.717 billion to 75,809 beneficiaries. These efforts have had a substantial socio-economic impact, creating approximately 2,198,953 direct and indirect jobs across the country.
“Speaking at the 64th Annual General Meeting held at the Transcorp Hilton, Abuja, the Chairman of the Shareholders Committee, Mallam Muhammed Bala, also announced that the Bank’s total assets surged by an impressive 64.6%, escalating from N2.37 trillion to N3.91 trillion, which underscored the Bank’s commitment to enhancing its financial foundation and expanding its capacity to support Nigeria’s industrial sector.
“Mallam Bala also reported that this impacted the Bank’s profits, as the Bank’s profit before tax increased by 117.69%, increasing from N70.7 billion to N153.81 billion, which is the highest in the Bank’s history. Also, the Bank’s loans and advances saw a substantial increase of 41.5%, rising to N1.14 trillion and N803.6 billion respectively, 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.
“The Bank’s total equity experienced a significant boost, growing by 57.7% from N427 billion to N678 billion, reinforcing the institution’s financial stability and capacity for future investments.”
In line with the renewed hope agenda of President Tinubu and the National Development Plan of 2021 to 2025, the Bank of India commits itself to supporting Nigeria’s industrial growth.
Mallam Bala reaffirmed the Bank would continue to pursue its medium-term corporate strategy of 2022 and 2024, to sustain a positive trajectory as well as strengthen the domestic industrial sector.
