BoI records asset growth of over N1 trillion in 2018

The Bank of Industry,(BoI)has recorded a 49% growth in the groups total asset which grew to N1.07‎ trillion from N713.3 billion in 2017.

The Bank also recorded improvement in its total ‎equity which increased by 12.5% year on year to N258.3 billion from N241 billion in the prior year.

Aliyu Abdulrahman confirmed this at the 59th annual General Meeting of the Bank held on Monday in Abuja.

Also in 2018,the profit before tax was N37.7 billion, which is 39% higher than N26.4 billion that was received on the previous year.

In the same light, the bank improved its developmental impact by achieving 130% growth on a year on year basis with respect to disbursement of new loans to N259.6 billion in 2018.

Specifically, N33.9 billion of the figure was disbursed to Micro, Small and Medium Enterprises, while the rest was deployed to support large enterprises.

Speaking on the overall financial performance of the of the bank in the year under review, Aliyu Abdulrahman Dikko, the Chairman of the Board of the Bank of Industry informed that higher
disbursement of loans also facilitated in the banks improved performance in profit after tax.

On the bank’s target this year, he stated that the Bank is targeting N40bn disbursement to the small and medium enterprise development.

“Targets for this year is that we are determined to do more SMEs. If we don’t double the figure of N33bn, we should do at least more than N40 billion to SMEs.

Olukayode Pitan,the Managing director of the Bank said the Bank has recorded some milestone in its operations with the support of the professionals working with it.

Kayode said, “For the first time in the history of the bank, we cross over N1 trillion asset base. The group profit is more than N36bn”

“We raised to the tune of $750 million last year which has also assisted us in improved lending for our people .When we look back, 2018 is a great year for us.

He stated further that the Bank is working to raise more fund to improve their lending to businesses, while generating employment to more Nigerians.

“This year we would like to improve on the sales in the balance sheet, more than what we did last year. We want to add more Nigerians to employment raddar. Today we are paying more dividends to the government, and we also pay taxes. “he said.

HARRISON EDEH