BOI achieves ₦2.4tr asset growth and N72bn profit delivery

BOI achieves ₦2.4tr asset growth and N72bn profit delivery

The Bank of Industry (BOI) group reported total assets of ₦2.38 trillion in 2022, representing a remarkable 39.2 percent growth when compared to the previous year.

This growth was achieved following the successful conclusion of three landmark capital raising transactions in the year, worth €1.85 billion (about $2 billion) from the international financial markets.

Despite the slow economic recovery following the COVID-19 induced recession in 2020, the BOI group delivered yet another outstanding financial and developmental performance result in the year ended 31st December 2022.

The bank’s gross earnings grew by 15.4 percent to ₦212.96 billion in 2022 from ₦184.55 billion in 2021, while interest income improved by 21.1 percent in 2022 to ₦212.96 billion from ₦175.83 billion in the previous year. Income from customer loans and investments were responsible for this growth.

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The bank’s profit before tax improved by 15.6 percent to ₦71.99 billion in the year, from ₦62.28 billion in 2021, while total equity grew by 11.7 percent to ₦429.83 billion from ₦384.85 billion in 2021. Loans and advances also improved by 3.2 percent to ₦805.46 billion from ₦780.48 billion in 2021, further consolidating its position as Nigeria’s largest and most impactful Development Finance Institution.

A fundamental enabler of this sterling financial performance is the successful conclusion of three key capital raising transactions in the year, from the international financial market. The first of the transactions was the bank’s maiden Eurobond of €750 million, concluded in February 2022.

This transaction marked the first of its kind in several ways to the bank, Nigeria, and Africa, and earned the bank the Agency Bond Deal of the Year award at the 2023 Awards event of the Bonds, Loans and ESG Capital Markets in Cape Town, South Africa.

The bank’s intervention programs in the year contributed significantly to Nigeria’s national goals of economic recovery and job creation. The bank disbursed the sum of ₦210.7 billion to 418,436 beneficiaries in the year, through both its direct and indirect lending platforms, as well as through funds that it manages on behalf of its strategic partners.

The BOI group has been recognized by several international organizations for its outstanding achievements, including the ‘Best Development Bank – Africa 2022’ award at the International Banker 2022 Banking Awards, ‘Most Sustainable Bank 2022, Nigeria’ at the World Finance Banking Awards, ‘Best SME Partner Bank of the Year,’ and ‘CEO of the Year’ at The European Magazine Global Banking and Finance Awards.

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BOI’s Managing Director, Olukayode Pitan, said: “Our dedication to building a resilient organization that can respond to the needs of our customers and operating challenges is unwavering. This has significantly strengthened the bank’s capacity to continue to provide the much-needed finance required by Nigerian enterprises to thrive and scale-up their business operations.”

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