BoI Group Assets Rise to N2.38trn

The Bank of Industry Group (BoI) revealed that its total asset rose by 39.2 per cent to N2.38trn as of the end of 2022 financial period.

It said in a statement on Monday that the growth was achieved following the successful conclusion of three landmark capital raising transactions in the year, worth €1.85bn (about $2bn) from the international financial markets.

The bank said it delivered an outstanding result in the year ended 31st December 2022, despite the headwinds that followed the COVID-19 induced recession in 2020.

It stated that its gross earnings grew by 15.4 per cent to N212.96bn in 2022 from N184.55bn in 2021.

The group’s interest income from both customer loans and investments improved by 21.1 per cent in 2022 to N212.96bn from N175.83bn in the previous year.

Also, profit before tax rose by 15.6 per cent to N71.99bn in the year, from N62.28bn in 2021 due to remarkable growth in interest income and other income lines; alongside the reduction in impairment charges.

Total equity grew by 11.7 per cent to N429.83bn from N384.85bn in 2021, while loans and advances improved by 3.2 per cent to N805.46bn from N780.48bn in 2021.

In its developmental impact, the bank said it disbursed N210.7bn to 418,436 beneficiaries in the year, through both its direct and indirect lending platforms, as well as through funds it managed on behalf of its strategic partners.

The statement said the three key capital raising transactions in the year from the international financial market included the bank’s maiden Eurobond of €750m, which was concluded in February 2022.

The deal, it stated, was the bank’s first Eurobond transaction, as well as the first Euro-denominated Eurobond transaction in Nigeria.

It added that, “The second was the €1bn guaranteed senior loan facility, which was concluded in August of 2022. This deal also represents the first of its kind, by any Nigerian financial institution, both in terms of its size and structure.