Bank of Industry Group Grows Profit by 75% to N62bn in 2021

The Bank of Industry Group has reported a profit before tax of N62.28 billion for the financial year ended December 31, 2021; 75 per cent higher than the 2020 profit of N35.54 billion.

This is contained in the group’s summary financial information released yesterday.

Discounted for tax, the profit for the year under review comes to N53.41 billion, compared to N31.59 billion in 2020.

Also consistent with its growth trajectory, the group grew its total equity to N384.84 billion for the year ended 2021; over the 2020 position of N336.48 billion. However, its total asset dropped slightly to N1.71 trillion.

The Group comprises the Bank of Industry, herein referred to as The Bank, and its subsidiary companies.

The Bank made an after tax profit of N52.60 billion in 2021, compared to N30.90 billion in 2020.

It has consistently demonstrated resilience in the face of macro-economic headwinds and recorded remarkable growth, even in face of the challenges posed by the COVID-19 pandemic.  

The Bank’s traditional commitment to grow local industries got a boost as loans and advances to the its numerous customers rose from N748.9 billion in 2020 to N779.29 billion in 2021.

The increased support for industries in 2021 was consistent with its mandate to transform Nigeria’s industrial sector by providing long-term financing and counter-cyclical loans diversified across industries such as agro-processing, gender businesses and renewable energy among others.

In the five years up to 2021, BOI promoted financial inclusion by supporting the expansion of over 3 million enterprises, thereby creating over 7 million jobs.

To expand its capital-base to meet the needs of its customers, and contribute to economic growth of the Nigeria, the bank made successful forays into the international market and raised about $3.8 billion in the last 4 years.

This includes a $750mn syndicated medium-term loan in 2018 (fully paid); a €1 billion syndicated loan in March 2020; a $1 billion syndicated loan in December 2020; and in addition, a €750 million Senior Eurobond (the first by any African national DFI) in February 2022. 

Investor confidence in BOI is reflected in its balance sheet, which has more than doubled since 2017, growing significantly from N713 billion to about N1.7 trillion as at December 2021.

BOI’s performance is reflected in its favorable credit ratings from global ratings agencies. Recently, Fitch Ratings upgraded the bank’s   National Long-Term Rating to ‘AAA (nga)’ from ‘AA+(nga);’ and affirmed the bank’s Long-Term Issuer Default Rating (IDR) at ‘B’ with a Stable Outlook.