Bank of Industry increases profits by 75%; Declares payment of dividends to Ministry of Finance and CBN

Bank of Industry, Abuja

The Bank of Industry (BOI) recorded a 75% increase in pre-tax profit to N61.15 billion in the 2021 financial year.

BOI Chairman, Mallam Aliyu Dikko announced the results during the bank’s 62nd Annual General Meeting held on May 19, 2022 at the Transcorp Hilton, Abuja.

The Bank has also said a dividend payment of N7.89 billion for the financial year ending December 2021 to its shareholders, the Ministry of Finance Incorporated and the Central Bank of Nigeria, showing its ability to weather economic headwinds to increase federal government revenue.

Speaking at the Annual General Meeting, BOI Managing Director/CEO Mr Olukayode Pitan said the bank’s upward trajectory in performance and results has enabled it to attract local and foreign capital in order to fulfill the obligations of its mandate.

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

During the year under review, the Bank disbursed a total of N213.63 billion to 30,406 Nigerian businesses through 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 on-lending proceeds; and N1 billion to 4,000 micro-retailers through the Bank’s MSME Distributor Financing Scheme.

Thanks to these interventions, approximately 950,640 direct and indirect jobs were created in 2021.

Mr. Pitan also reaffirmed the bank’s continued efforts to support its stakeholders and achieve its mandate.

“Our commitment to building a resilient organization capable of meeting our customers’ needs and operational challenges is unwavering,” said Mr. Pitan, adding, “We strongly believe we can achieve this with the continued support of all our stakeholders. “.

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Elaine R. Knight