Business
BoI Records N39.33b Profit, Disburses N234b To 10,145 Enterprises
The Bank of Industry (BoI) has recorded a profit of N39.33 billion for the 2019 financial year.
The bank said in a statement that it disbursed N234 billion to 10,145 enterprises, thus facilitating the creating of an estimated 1 million direct and indirect jobs.
The group’s total equity, it said stood at N293.09 billion showing a 13.4 percent increase over 2018 position of ¦ 258.24 billion.
During the period under review, Profit Before Tax grew to N39.33 billion marking a year-on-year growth of 7.2 percent over N36.66 billion of 2018.
The increase in profitability, according to the bank was as a result of improvement in loan book, as well as the efficient management of the group’s other assets and liabilities.
Despite a slow start in the first quarter of the year due to the build-up to the 2019 general elections, Loans and advances grew by 16.7% from N634.11billion in 2018 to N740.03 billion in 2019.
interest income and interest expense increased by 20per cent and 54 percent on a year-on-year basis respectively due to increase in loan book as well as the impact of borrowings (full-year impact on the interest expense in 2019, while 2018 impact was for 6months).
The disbursement to the Micro, Small and Medium Enterprises (MSME) segment increased from N33.9 billion in 2018 to N53.0 billion in 2019, representing a remarkable 56.3 percent year-on-year growth.
The bank also consolidated its role as the managing partner of one of the Federal Government’s Social Investment Programmes, Government Enterprise and Empowerment Programme (GEEP). N8.2 billion was disbursed to beneficiaries in 2019, thus bringing the total disbursed amount since inception to N36.9 billion to 2.3 million beneficiaries nationwide.
Advertise or Publish a Story on EkoHot Blog:
Kindly contact us at [email protected]. Breaking stories should be sent to the above email and substantiated with pictorial evidence.
Citizen journalists will receive a token as data incentive.
Call or Whatsapp: 0803 561 7233, 0703 414 5611
