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BoI records 75% profit growth, pays shareholders N7.89bn dividend

By Guardian Nigeria
23 May 2022   |   3:29 am
The Bank of Industry (BOI) recorded a 75 per cent increase in its Profit Before Tax to N61.15 billion in the 2021 financial period.

Bank of Industry

The Bank of Industry (BOI) recorded a 75 per cent increase in its Profit Before Tax to N61.15 billion in the 2021 financial period.

The Chairman of BOI’s Board of Directors, Aliyu Dikko announced the results during the bank’s 62nd yearly general meeting in Abuja.

The bank also declared a dividend payment of N7.89 billion for the financial year ended December 2021 to its shareholders, the Ministry of Finance Incorporated and the Central Bank of Nigeria, showing its capacity to withstand economic headwinds to boost Federal Government’s revenue.

Speaking during the meeting, BOI’s Managing Director/CEO, Olukayode Pitan, said the upward trajectory in the bank’s performance and results have enabled it to attract local and foreign capital in order to fulfil the obligations of its mandate.

In February 2022, BOI successfully issued a €750 million Eurobond to enhance its capital base to support its customers and the real sector of the Nigerian economy.

In the year under review, the Bank disbursed a total of N213.63 billion to 30,406 Nigerian enterprises through both direct and indirect methods. This represents a 47.3% increase over disbursements in 2020.

The 2021 disbursement includes N2.99 billion to 22,120 farmers through the bank’s Smallholder Farmers on-lending product; and N1 billion to 4,000 micro-retailers through the Bank’s MSME Distributor Finance Programme.

Through these interventions, an estimated 950,640 direct and indirect jobs were created in 2021. Pitan also reaffirmed the bank’s continued efforts towards supporting its stakeholders and achieving its mandate.

“Our commitment to building a resilient organization that can respond to the needs of our customers and operating challenges is unwavering, Pitan said, adding, “We strongly believe that we can achieve this with the continuous support of all our stakeholders.”

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