BoI’s Profit Rises to N5.6 Billion

Crusoe Osagie Efforts by the Bank of Industry (BoI) to reform its operations in the last one year has yielded positive outcomes, as the bank’s profit after tax (PAT) rose to N5.19 billion at the end of the December, 2014 financial year. This represents an increase by 138 per cent from the previous year’s position.

Specifically the BoI’s profit after tax rose from N2.2billion in 2013 to N5.2billion in 2014, according to the financial results released by the bank.

Similarly, the bank grew its profit before tax by 233 per cent from N1.7 billion in 2013 to N5.6 billion in 2014. The growth in profitability, according to the bank was attributable to an increase in its loan portfolio in 2014, and a decrease in its overheads.

According to the bank, the decrease in other overheads was a result of conscious cost-optimisation measures it had adopted.

Indeed, the BoI’s loans and advances grew by 10.2 per cent from N517 billion in 2013 to N570 billion in 2014, while its total assets hit N612.1 billion, and shareholders’ fund closed at N162.2billion.

According to the Bank’s MD/ CEO, Rasheed Olaoluwa, “The Bank’s results for 2014 represent the outcome of our deliberate revenue and cost-optimisation strategies as well as improved staff productivity. We’re focused intensely on our core mandate as a development bank.

“New loans processed exceeded N127billion to companies in various sectors such as agro processing, metals, gas distribution, plastics, pharmaceuticals, general manufacturing, creative industry, and SMEs generally. We continue to make developmental impact in key economic sectors.