Nigeria’s Bank of Industry (BOI) achieved N3.3trillion in total assets as at June 30 2023, representing year-on-year (YoY) growth of 67percent as against N1.97 trillion asset level as at June 2022.
BOI profit before tax after impairments (PBT) grew by 177percent year on year from N37.5billion in June 2022 to N104billion in June 2023 (H1) due to the bank’s prudent management of assets and the full hedge of the foreign currency assets.
The bank’s NPL as at June 2023 was 1.88percent down from 3.6percent as at December 2022. It has maintained a non-performing loan (NPL) rate below regulatory threshold of 5percent.
BOI also grew its equity position by 57percent since June 2022 – from N403.6billion to N634billion in June 2023 (H1). BOI’s equity position exceeds regulatory requirement of N10billion for retail development finance institutions (DFIs).
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Under the leadership of Olukayode Pitan as managing director/chief executive officer, from 2017 to date, BOI has raised over $5 billion from the international financial markets to support its mandate of growing Nigerian industries, MSMEs, Women entrepreneurs and youths.
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The first of the transactions was a $750 million syndication concluded in 2017 with the support of Afreximbank and a team of international Financial Institutions (now fully paid off).
The second and third were the Euro 1billion syndication closed in March 2020 and another $1billion syndication that closed in December 2020 (to be fully paid off by December 2023).
“In 2023, the BOI continued its impressive growth in major financial indices on a year-on-year basis, thus consolidating its position as Nigeria’s largest and most impactful Development Finance Institution,” Pitan said.
The Bank of Industry is Nigeria’s oldest and most successful DFI. It has contributed to the national budget by paying dividends of approximately N42.2billion and taxes amounting to N64.2billion from 2017 to date.
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