BOI assets grow 39. 2 per cent in 2 yrs – Chairman
Business Economy

BOI assets grow 39. 2 per cent in 2 yrs – Chairman

Chairman, Board of Directors of Bank of Industry (BOI) Group, Aliyu Dikko, said the group’s total assets have grown by 39. 2 per cent between 2021 and 2022.

Dikko stated this during the 63rd Annual General Meeting (AGM) of the bank, on Thursday, in Abuja.

He said the bank maintained appreciable growth in its financial performance in the year.

“Total assets of the group grew by 39. 2 per cent between 2021 and 2022, from N1. 71 trillion to N2. 38 trillion respectively.

“This growth is largely due to the three successful capital raising transactions worth 1. 85 billion Euros in the year.

“The group also reported a growth of 11.7 per cent in its total equity between 2021 and 2022, from N384.85 to N429.83 billion respectively.

“Profit before tax also followed the same trend, reporting 15.6 per cent growth from N62.28 billion to N71.99 billion in 2021 and 2022 respectively,” he said.

According to Dikko, loans and advances improved by 3. 2 per cent from N780.48 billion in 2021 to N805.46 billion in 2022.

The chairman said the remarkable performance depicted the passionate and proactive disposition of the bank.

He assured that the bank would continue to effectively deliver on its mandate, as the macro-economy gradually strengthens.

He acknowledged the challenges encountered during the period, saying it was an opportunity for the bank to perform better.

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Mr Olukayode Pitan, Managing Director of the bank expressed delight at the significant performance of the bank in the period under review.

Pitan said the AGM iwas very significant, the result that we presented happens to be the best the bank has presented in 63 years.

“In terms of the headway, 2022 was a tough year and attracting foreign investment into Nigeria was difficult.

“But that notwithstanding, the bank within the year was able to bring an inflow of about $2 billion into the country.

“Our major shareholders have shown their confidence in the bank by increasing their stake in the bank.’’

He said one of the resolutions approved at the AGM was that the share capital of the bank which doubled from N250 billion to N500 billion.

“Our shareholders’ funds are over N400 billion but we have some funds our shareholders deposited for shares.

“So, when we put everything together, our shareholders’ funds will be close to N600 billion.

“We are getting toward our target being the minimum N1 trillion.

“This will allow us to do more than we are doing now,” the managing director said.


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1 Comment

  • Anto May 26, 2023

    Wow just wow

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