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The Bank of Industry (BoI) has reported total assets of N2.38 trillion for its operations in the year ended 31st December 2022.
This indicates a 39.2 percent growth when compared with the preceding year.
The bank continued its growth in major financial indices on a year-on-year basis, thus consolidating its position as Nigeria’s largest and most impactful Development Finance Institution.
This significant leap was achieved following the successful conclusion of three landmark capital raising transactions in the year, worth 1.85 billion Euros (about $2 billion) from the international financial markets.
Gross earnings grew by 15.4 percent to N212.96 billion in 2022 from N184.55 billion in 2021.
Also, interest income from both customer loans and investments improved by 21.1 percent in 2022 to N212.96 billion from N175.83 billion in the previous year.
Also, profit before tax rose by 15.6 percent to N71.99 billion in the year, from N62.28 billion in 2021 due to remarkable growth in interest income and other income lines; alongside the reduction in impairment charges.
Total equity grew by 11.7 percent to N429.83 billion from N384.85 billion in 2021, while loans and advances improved by 3.2 percent to N805.46 billion from N780.48 billion in 2021.
The bank disbursed the sum of N210.7 billion to 418,436 beneficiaries in the year, through both its direct and indirect lending platforms, as well as through funds it manages on behalf of its strategic partners.
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