According to the Bank of Industry (BoI), profit before tax increased by 75% to N61.15 billion in the fiscal year 2021.
Malam Aliyu Dikko, Chairman of BoI’s Board of Directors, disclosed the results at the company’s 62nd Annual General Meeting in Abuja, according to a release.
Dikko added that the bank has also declared a dividend payment of N7.89 billion to its shareholders, the Ministry of Finance Incorporated and the Central Bank of Nigeria, for the financial year ending December 2021.
He claimed that BoI’s dividend payout indicated its ability to weather economic storms in order to raise federal revenue.
Mr Olukayode Pitan, BoI’s Managing Director, also spoke, saying that the bank’s rising trajectory enabled it to attract local and foreign capital to help it meet its mandate’s requirements.
He claimed that in February 2022, BoI issued a 750 million Eurobond to strengthen its capital basis in order to serve its customers and the Nigerian economy’s real sector.
“The Bank distributed a total of N213.63 billion to 30,406 Nigerian businesses in the year under review, using both direct and indirect techniques.
“This is a 47.3 percent increase over disbursements in 2020, with N2.99 billion going to 22,120 farmers through the bank’s Smallholder Farmers on-lending program in 2021.”
“It also included a one-billion-naira loan to 4,000 micro-retailers through the Bank’s MSME Distributor Finance Program, with an expected 950,640 direct and indirect jobs produced in 2021,” he said.
Pitan underlined the bank’s commitment to assisting its stakeholders and fulfilling its mission.
“We are firm in our commitment to establishing a resilient organization that can adapt to our customers’ needs and operational issues.”
“With the continued cooperation of all our stakeholders, we are certain that we can achieve this,” he said.