By Milcah Tanimu
The Bank of Industry (BOI) announced a record profit before tax (PBT) of N153.81 billion for 2023, marking a 117.69% increase from the previous year’s N70.7 billion. This achievement represents the highest PBT in the bank’s history, showcasing its resilience and strategic financial performance despite challenging economic conditions.
During its 64th Annual General Meeting at the Transcorp Hilton, Abuja, the Chairman of the Shareholders Committee, Mallam Muhammed Bala, highlighted significant growth across various financial metrics. BOI’s total assets surged by 64.6%, rising from N2.37 trillion to N3.91 trillion. This increase underscores the bank’s strengthened financial foundation and expanded capacity to support Nigeria’s industrial sector.
Additionally, the bank’s total equity saw a substantial boost of 57.7%, growing from N427 billion to N678 billion, reinforcing its financial stability and capacity for future investments. Loans and advances also experienced significant growth, increasing by 41.5% from N803.6 billion to N1.14 trillion. This reflects BOI’s ongoing efforts to provide essential financial support to businesses across various sectors.
In 2023, BOI advanced N496.717 billion in credit to 75,809 beneficiaries, spanning large, medium, small, and micro enterprises. These disbursements played a crucial role in creating approximately 2,198,953 direct and indirect jobs nationwide, significantly contributing to job creation and economic stability.
Following the AGM, a press statement highlighted these achievements and the socio-economic impact of BOI’s initiatives. The statement emphasized the bank’s commitment to boosting job creation and supporting Nigeria’s industrial sector through increased disbursements and interventions.
Mallam Bala stressed the bank’s commitment to economic diversification, aligning with President Bola Ahmed Tinubu’s administration’s renewed focus on reducing reliance on traditional sectors. The bank’s enhanced financial performance underscores its pivotal role in driving industrial development in Nigeria.