The Bank of Industry (BOI) disclosed that despite the pandemic in 2020, its assets rose to N1.8 trillion in the same year.
This was disclosed by Aliyu Dikko, Chairman, Board of Directors of BOI, at the 61st Annual General Meeting on Thursday, in Abuja.
The BOI Chairman revealed that the asset growth was 79.1% increased, compared to N1.04 trillion recorded at the end of 2019, citing the bank’s resilience in the face of operational difficulties brought about by COVID-19 globally and in Nigeria.
He also added that the increase in assets was largely influenced by the debt syndications of €1 billion and $1 billion concluded in March and December 2020; while the Group’s equity increased by 15.3% from N293.08 billion in 2019 to N336.48 billion in 2020.
Loans and Advances grew 1.3% in 2020 to N749.84 billion, while Profit Before Tax fell by 9.6 % from N39.34 billion in 2019 to N35.54 billion due to the slowdown in economic activities for most of 2020.
“Despite the challenging year, I am pleased to announce that the Group’s financial statements remain strong and resilient.
The COVID-19 pandemic has forced the world to transform much faster than expected from the way we work to how we communicate; from the way, we learn, to how we travel.
We have witnessed improved opportunities in key sectors and industries, notably health care and Information and Communication Technology.
The IMF projects a growth of 1.5% for Nigeria on the back of the recovery in the oil economy, as well as the implementation of key initiatives aimed at spurring economic growth.
Our broad strategy in the coming year shall mirror that of the government, in terms of focusing on business recovery, whilst keeping an eye on growth and new business opportunities,” Dikko said.
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Nairametrics reported in March that the Federal Government disclosed that the BOI, under the supervision of the Federal Ministry of Industry, Trade and Investment, secured a $1 billion syndicated loan to support Micro, Small and Medium Enterprises (MSMEs) in the country.