BoI records N35.54bn profit, assets hit N1.86trn

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The Bank of Industry (BoI) says it recorded a profit after tax of N35.54 billion for the financial year that ended by Dec. ember 31, 2020, as its total assets hit N1.86 trillion.

Its Managing Director, Mr Olukayode Pitan, said in a statement yesterday that the performance demonstrated resilience and strength, and also indicated synergy with the various interventions developed by both the Federal Government, the Central Bank of Nigeria (CBN) as well as other strategic partners, despite the significant challenges in the operating environment on account of the impact of the COVID-19 pandemic.

The group’s total assets grew from N1.04 trillion to N1.86 trillion between 2019 and 2020, driven by the successful debt syndication of €1 billion and $1 billion that were concluded in March and December 2020 respectively.

 The group’s total equity increased by 14.8 per cent from N293.08 billion in the previous year to N336.48 billion in 2020. Loans and advances grew marginally in 2020 by 1.3 per cent to N749.84 billion from the 2019 position, a reflection of the adverse impact of the challenging operating environment on growth of new loans. 

    Profit before tax fell by 9.6 per cent from N39.34 billion in 2019 to N35.54 billion. The economic slowdown in the year as well as the various interventions and support initiated by the bank for its customers were attributed for the result.

SOURCE: THE SUN

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