BoI Assets Rises to N3.3tn in H1 – Report

The Bank of Industry says it has recorded another historic milestone by achieving N3.3tn in total assets as of June 30, 2023.

According to the bank, this represents a year-on-year growth level of 67 per cent on the N1.97tn asset level as of June 2022.

In a statement, it said the profit before tax after impairments has grown by 177 per cent year-on-year from N37.5bn in June 2022 to N104bn in June 2023.

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 rate below the regulatory threshold of five per cent.

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The bank’s NPL as of June 2023 was 1.88 per cent down from 3.6 per cent as of December 2022.

According to the statement, BOI has also grown its equity position by 57 per cent since June 2022 – from N403.6bn to N634bn in June 2023 (H1). BOI’s equity position exceeds the regulatory requirement of N10bn for retail DFIs.

“BOI has contributed to the national budget by paying dividends of approximately N42.2bn and taxes amounting to N64.2bn from 2017 to date,” the statement said.

Furthermore, the bank stated that under the leadership of Mr Olukayode Pitan (Managing Director/Chief Executive Officer), from 2017 to date, it has raised over $5bn from the international financial markets to support its mandate of growing Nigerian industries, MSMEs, women entrepreneurs and youths.

Pitan said, “In 2023, the BOI continued its impressive growth in major financial indices on a year-on-year basis, thus consolidating its position as Nigeria’s largest and most impactful Development Finance Institution.”

The first of the transactions was a $750m syndication concluded in 2017 with the support of Afreximbank and a team of international financial institutions (now fully paid off).