BankingNews

BoI Group records N62.28bn profit

The Bank of Industry Group on Tuesday said its profit before tax rose by 75 per cent to N62.28bn at the end of December 31, 2021, from N35.54bn recorded in the corresponding period of 2020.

A statement from the bank on its financial performance said discounted for tax, the profit for the year under review was N53.41bn in 2021 from N31.59bn in 2020.

The statement said the group comprising the Bank of Industry and its subsidiaries, grew its total equity to N384.84bn for the year ended 2021 from N336.48bn in 2020.

It said the bank recorded an after-tax profit of N52.6bn in 2021 from N30.9bn in 2020, while its total asset dropped slightly to N1.71tn.

The bank made an after tax profit of N52.6bn in 2021, compared to N30.9bn in 2020.

It stated that the bank has consistently demonstrated resilience in the face of macro-economic headwinds and recorded remarkable growth, even in face of the challenges posed by the COVID-19 pandemic.

The statement said the bank’s traditional commitment to growing local industries got a boost as loans and advances to its customers rose from N748.9bn in 2020 to N779.29bn 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 last five years up to 2021, BoI said it promoted financial inclusion by supporting the expansion of over three million enterprises, thereby creating over seven million jobs.

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