BoI grows profit by 75%; declares dividend to FMFI, CBN

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The Bank of Industry (BOI) said it recorded a 75 per cent increase in Profit Before Tax to N61.15 billion in the 2021 financial period.

Chairman of BOI’s Board of Directors, Mallam Aliyu Dikko, announced the results at the bank’s 62nd Annual General Meeting which held on May 19, 2022 at the Transcorp Hilton, Abuja.

The bank also declared a dividend payment of N7.89 billion for the financial year ended December 2021 to its shareholders, the Federal Ministry of Finance Incorporated and the Central Bank of Nigeria, showing its capacity to withstand economic headwinds to boost the Federal Government’s revenue.

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Speaking during the Annual General Meeting, BOI’s Managing Director/CEO, Mr. Olukayode Pitan, said the upward trajectory in the bank’s performance and results have enabled it to attract local and foreign capital to fulfill the obligations of its mandate.

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In February 2022, BOI successfully issued a €750 million Eurobond to enhance its capital base to support customers and Nigeria’s real sector economy.

In the year under review the bank disbursed a total of N213.63 billion to 30,406 Nigerian enterprises through both direct and indirect methods. This represents a 47.3 per cent increase over disbursements in 2020.

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The 2021 disbursement includes N2.99 billion to 22,120 farmers through the bank’s Smallholder Farmers on-lending product; and N1 billion to 4,000 micro-retailers through the Bank’s MSME Distributor Finance Programme.  Through these interventions, it created an estimated 950,640 direct and indirect jobs in 2021.

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