BOI Declares Over N7.8bn Dividend, Records 75% Profit Rise
The Bank of Industry (BOI) said it recorded N61.15bon as profit before tax for the 2021 financial period.
The Chairman of BOI’s Board of Directors, Aliyu Dikko, who announced the results during the bank’s 62nd Annual General Meeting in Abuja, said that the figure represented 75 per cent increase in profit.
He said the bank also declared a dividend payment of N7.89bn for the financial year ended December 2021 to its shareholders.
Dikko said that the result showed the bank’s capacity to withstand economic headwinds to boost the Federal Government’s revenue.
“The Bank of Industry has recorded a 75 per cent percent increase in its Profit Before Tax to N61.15bn in the 2021 financial period,” he said.
Speaking earlier during the meeting, the Managing Director and Chief Executive Officer, BOI, Mr. Olukayode Pitan, had said the upward trajectory in the bank’s performance and results had enabled it to attract local and foreign capital in order to fulfil the obligations of its mandate.
He explained that in February 2022, BOI successfully issued a €750m Eurobond to enhance its capital base to support customers and the real sector of the Nigerian economy.
“In the year under review the bank disbursed a total of N213.63bn to 30,406 Nigerian enterprises through both direct and indirect methods. This represents a 47.3 per cent increase over disbursements in 2020.
“The 2021 disbursement includes N2.99bn to 22,120 farmers through the bank’s Smallholder Farmers on-lending product; and N1bn to 4,000 micro-retailers through the Bank’s Micro, Small and Medium Enterprises Distributor Finance Programme. Through these interventions, an estimated 950,640 direct and indirect jobs were created in 2021.”
Pitan also reaffirmed the bank’s continued efforts towards supporting its stakeholders and achieving its mandate.’
“Our commitment to building a resilient organisation that can respond to the needs of our customers and operating challenges is unwavering. We strongly believe that we can achieve this with the continuous support of all our stakeholders,” he said.