BOI records N35.54b profit, assets hit N1.86 trillion

THE Bank of Industry ( BOI) says it recorded a profit after tax of N35.54 billion for the financial year ended Dec. 31, 2020, as its total assets hit N1.86 trillion.

The Managing Director of BOI, Olukayode Pitan, in a statement, yesterday, said that the performance demonstrates resilience and strength, and also indicates synergy with the various interventions developed by both the Federal Government, the Central Bank as well as other strategic partners, despite the significant challenges in the operating environment on account of the impact of the COVID- 19 pandemic.

The group’s total assets grew from 1.04 trillion to 1.86 trillion between 2019 and 2020, driven by the successful debt syndication of € 1 billion and $ 1 billion that were concluded in March and December 2020 respectively.

The group’s total equity increased by 14.8 per cent from 293.08 in the previous year to 336.48 billion in 2020. Loans and Advances grew marginally in 2020 by 1.3 per cent to

749.84 billion from the 2019 position, a reflection of the adverse impact of the challenging operating environment on growth of new loans.

Profit before tax fell by 9.6 per cent from 39.34 billion in 2019 to 35.54 billion, attributable to the economic slowdown in the year as well as the various interventions and support initiated by the bank for its customers were responsible for this result.

Pitan explained that the bank, in line with CBN directive, also reviewed and restructured all its managed projects under the CBN intervention programme with interest rate reduction from nine per cent to five per cent per year for a period of one year and moratorium extension of three months ( with a possible extension up to 12 months).