Journalism in the service of society

Bank of Industry hits N3.3tr in assets as at H1 2023

THE Bank of Industry has recorded yet another historic milestone by achieving N3.3 trillion in Total Assets as of June 30 2023.

This represents a year-on-year growth of 67 per cent on the N1.97 trillion asset level as of June 2022.

Further breakdown of the bank’s results shows that Profit before tax after impairments (PBT) grew by an impressive 177 per cent year on year from N37.5 billion in June 2022 to N104 billion in June 2023 (H1).

This is due to the prudent management of the  Bank’s assets and the full hedge of the foreign currency assets.

The Bank has historically been able to maintain a non-performing loan (NPL) rate below the regulatory threshold of 5 per cent as its NPL as at June 2023 stood at 1.88 per cent, down from 3.6 per cent as of December 2022.

The bank also grew its equity position by 57 per cent since June 2022 – from ₦403.6billion to ₦634billion in June 2023 (H1). BOI’s equity position exceeds the regulatory requirement of ₦10bn for retail DFIs.

It has contributed to the national budget by paying dividends of approximately N42.2billion and taxes amounting to N64.2billion from 2017 to date.

The Bank of Industry is Nigeria’s oldest and most successful DFI. The Bank is a duly registered Company under the Companies and Allied Matters Act. 2020 and licensed by the Central Bank of Nigeria (CBN).

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