BOI’s profit hits N62b, up by 75%
The Bank of Industry Group has reported a profit before tax (PAT) of N62.28 billion for the financial year ended December 31, 2021, 75 per cent higher than the N35.54 billion it posted the previous year.
This is contained in the Group’s summary financial information released in the week.
Discounted for tax, the profit for the year under review comes to N53.41 billion, compared to N31.59 billion in 2020.
Also consistent with its growth trajectory, the Group grew its total equity to ₦384.84 billion for the year, which is much higher than ₦336.48 billion recorded in 2020.
However, its total assets dropped slightly to ₦1.71 trillion.
The Group comprises the Bank of Industry and its subsidiary companies.
The Bank made a PAT profit of N52.6 billion in 2021, compared to N30.9 billion in 2020.
It has consistently demonstrated resilience in the face of macro-economic headwinds and recorded remarkable growth even in face of the challenges posed by the COVID-19 pandemic.
The Bank’s traditional commitment to growing local industries got a boost as loans and advances to its numerous customers rose from N748.9 billion in 2020 to N779.29 billion in 2021.
The increased support for industries in 2021 was consistent with its mandate to transform Nigeria’s industrial sector by providing long-term financing and counter-cyclical loans to various industries such as agro-processing, gender businesses and renewable energy among others.
In the five years up to 2021, BOI promoted financial inclusion by supporting the expansion of over three million enterprises, thereby creating over seven million jobs.
To expand its capital base to meet the needs of its customers, and contribute to the economic growth of Nigeria, the bank made successful forays into the international market and raised about $3.8bn in the last 4 years.
This includes a $750mn syndicated medium-term loan in 2018 (fully paid); a €1bn syndicated loan in March 2020; a $1bn syndicated loan in December 2020; and in addition, a €750mn Senior Eurobond (the first by any African national DFI) in February 2022.
Investor confidence in BOI is reflected in its balance sheet which has more than doubled since 2017, growing significantly from N713 billion to about N1.7 trillion as at December 2021.
BOI’s performance is reflected in its favorable credit ratings from global rating agencies. Recently, Fitch Ratings upgraded the bank’s National Long-Term Rating to ‘AAA (nga)’ from ‘AA+ (nga)’ and affirmed the bank’s Long-Term Issuer Default Rating (IDR) at ‘B’ with a Stable Outlook.