BoI disburses N112.5b loan to customers in 2017

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Cooperative societies gets N2bn loan from BoI
Bank of Industry (BoI)

FINANCIAL WATCH: BoI disburses N112.5b loan to customers in 2017 – The Board Chairman, Bank of Industry (BOI), Aliyu Abdulrahman Dikko yesterday said the bank  disbursed  N112.5 billion to customers in 2017. The figure was an improvement from the N65.9 billion that was achieved the previous year.

He spoke during the bank’s Annual General Meeting, held in Abuja. He said lending to Micro, Small and Medium Enterprises (MSMEs) also increased significantly from N8.2 billion in 2016 to N29.5 billion last year.

He said, “In spite of the challenging operating environment, I am pleased to announce that the group’s total assets improved by 4.5 per cent from N682 billion to N713 billion between 2016 and 2017 respectively. The group’s total equity also rose to N241 billion in 2017 from N219 billion in 2016, while Profit Before Tax also increased to N26.3 billion from N16.9 billion in the same period representing a growth of 55.6 per cent.

He said 2017 was plagued with several geo-political tensions, natural disasters and political upheavals in many countries and regions of the World. “The year ended on a higher note in key emerging and developing economies such as Brazil, China, India and South Africa, while advanced economies  experienced mild growths. The International Monetary Fund (IMF) estimated a global economic growth of 3.7 per cent in 2017, attributing it to the recoveries in investment, trade and manufacturing sectors across economies”.

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