The Bank of Industry (BOI) recorded a 75% increase in pre-tax profit to N61.15 billion in the 2021 financial year.
BOI Chairman Aliyu Dikko announced the results during the bank’s 62nd Annual General Meeting in Abuja.
The bank also declared a dividend payment of N7.89 billion for the financial year ending December 2021 to its shareholders, the Ministry of Finance Incorporated and the Central Bank of Nigeria, showing its ability to weather economic headwinds for increase federal government revenue.
Speaking at the meeting, BOI Managing Director/CEO Olukayode Pitan said the bank’s upward trajectory in performance and results has enabled it to attract local and foreign capital to meet obligations. of his mandate.
In February 2022, BOI successfully issued a €750 million Eurobond to strengthen its capital base to support its customers and the real sector of the Nigerian economy.
During the year under review, the Bank disbursed a total of N213.63 billion to 30,406 Nigerian businesses through direct and indirect methods. This represents a 47.3% increase over disbursements in 2020.
The 2021 disbursement includes N2.99 billion to 22,120 farmers through the bank’s smallholder on-lending proceeds; and N1 billion to 4,000 micro-retailers through the Bank’s MSME Distributor Financing Scheme.
Through these interventions, approximately 950,640 direct and indirect jobs were created in 2021. Pitan also reaffirmed the bank’s continued efforts to support its stakeholders and achieve its mandate.
“Our commitment to building a resilient organization capable of meeting our customers’ needs and operational challenges is unwavering,” said Pitan, adding, “We strongly believe we can achieve this with the continued support of all of our stakeholders.”