By Cynthia Ezekwe
The Bank of Industry (BoI) has announced total assets of N2.38 trillion for its operations in the year ended 31 December, 2022, indicating a 39.2 per cent growth when compared with the preceding year.
Nigeria’s oldest and largest development finance institution also recorded positive growth across other financial indices on a year-on-year basis as gross earnings grew by 15.4 per cent to N212.96 billion in 2022 from N184.55 billion in 2021, while interest income from both customer loans and investments improved by 21.1 per cent in 2022 to N212.96 billion from N175.83 billion in the previous year.
Also, profit before tax appreciated by 15.6 percent to N71.99 billion in the year, from N62.28 billion in 2021, supported by an increase in interest income and other income lines, alongside the reduction in impairment charges.
Total equity grew by 11.7 percent to N429.83 billion from N384.85 billion in 2021, while loans and advances improved by 3.2 percent to N805.46 billion from N780.48 billion in 2021.
BoI also disclosed that it disbursed N210.7 billion to 418,436 beneficiaries in the year, through its direct and indirect lending platforms, as well as through funds it manages on behalf of its strategic partners.
According to BOI, the strong performance recorded in the period under review was achieved following the successful conclusion of three landmark capital raising transactions in the year, worth 1.85 billion Euros, which is about $2 billion, from the international financial markets. This, it noted, further consolidates its position as Nigeria’s largest and most impactful development finance institution.
