BoI grows assets to N1.86tr as profit rises to N35.54b – The Bank of Industry (BoI) has recorded a profit after tax of N35.54 billion for the financial year ended December 31, 2020.
The bank’s assets also hit N1.86 trillion within the period.
In a statement, Managing Director of BoI, Olukayode Pitan, said the performance demonstrates resilience and strength, and also indicates synergy with the various interventions developed by the Federal Government, the Central Bank as well as other strategic partners.
The success of the bank, he added, was despite the significant challenges in the operating environment on account of the impact of the COVID-19 pandemic.
The group’s total assets grew from N1.04 trillion to N1.86 trillion between 2019 and 2020, driven by the debt syndication of 1 billion euro and $1 billion that were concluded in March and December 2020.
The group’s total equity increased by 15.3 per cent from N293.08 in the previous year to N336.48 billion in 2020.
Loans and Advances grew marginally in 2020 by 1.3 per cent to N749.84 billion from the 2019 position, a reflection of the adverse impact of the challenging operating environment on growth of new loans.
Profit Before Tax fell by 9.6 per cent from N39.34 billion in 2019 to N35.54 billion. The economic slowdown in the year as well as the various interventions and support initiated by the bank for its customers were responsible for this result.
Pitan explained that the bank, in line with CBN directive, also reviewed and restructured all its managed projects under the CBN intervention programme with interest rate reduction from nine per cent to per cent per annum for a period of one year and moratorium extension of 3 months (with a possible extension up to 12 months).