The Bank of Industry (BOI) has announced a profit before tax (PBT) of N153.81 billion for 2023, marking a 117.69% increase from the previous year’s N70.7 billion. This is the highest PBT in the bank’s history.
This significant achievement shows the Bank’s resilience and strategic financial performance despite challenging economic conditions.
In its 64th Annual General Meeting held at the Transcorp Hilton, Abuja, the Chairman of the Shareholders Committee, Mallam Muhammed Bala, highlighted the Bank’s growth in various financial metrics.
The Bank’s total assets surged by 64.6%, rising from N2.37 trillion to N3.91 trillion. This increase is indicative of BOI’s strengthened financial foundation and expanded capacity to support Nigeria’s industrial sector.
BOI’s total equity experienced a substantial boost, growing by 57.7% from N427 billion to N678 billion. This increase further reinforces the institution’s financial stability and capacity for future investments.
In 2023, BOI advanced N496.717 billion in credit to 75,809 beneficiaries across large, medium, small, and micro enterprises.
These disbursements were pivotal in creating approximately 2,198,953 direct and indirect jobs nationwide, contributing significantly to job creation and economic stability.
The Bank’s loans and advances also saw a remarkable increase of 41.5%, growing from N803.6 billion to N1.14 trillion. This growth reflects BOI’s continued efforts to provide essential financial support to businesses across various sectors, reinforcing its role as a key driver of industrial development in Nigeria.
