The Chairman, Shareholders Committee, Bank of Industries (BOI), Mallam Muhammed Bala, yesterday described as “remarkable” the bank’s financial performance in spite of the local and economic challenges.
Bala, made this remarks at the BOI’s 64th Annual General Meeting in Abuja, where he announced that the financial institution generated two million jobs and hitting a profit of N153 billion.
According to him, that the Bank’s total assets surged by an impressive 64.6 per cent, increasing from N2.37 trillion to N3.91 trillion. This, he noted, underscores the Bank’s commitment to enhancing its financial foundation and expanding its capacity to support the country’s industrial sector.
“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.
“This impacted on the Bank’s profits, as the Bank’s 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. 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, 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 per cent from N427 billion to N678 billion, reinforcing the institution’s financial stability and capacity for future investments,” Bala explained.
The Managing Director, BoI, Olasupo Olusi, noted that through the Bank’s disbursement lines and managed intervention programmes, including the Smallholder Farmer Financing Product, MSME Distributor Finance Programme, Fintech/Digital Lending Product, Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES), the Business Resilience Assistance for Value-Adding Enterprise (BRAVE) amongst others, the Bank has not only contributed to President Bola Tinubu’s “goals of economic recovery and job creation, but also have empowered Nigerian enterprises, especially the micro and small ones, to remain in operation sustainably”.
