For stakeholders of the Bank of Industry, it is another celebration time as it declared an impressive financial result.
The Development Bank grew its profit before tax by 44 per cent, as it rose from N11.9 billion in 2015 to N17 billion in 2016, an achievement it described as unprecedented in the history of the finance institution.
The bank’s loans and advances to businesses also rose by 10 per cent from N156 billion to N171 billion within the same period.
Also, disbursements to Small and Medium Enterprises similarly went up by 42 per cent within the same period, from N5.64 bn to N8 bn.
On the bank’s outstanding performance in the financial year under review, Acting Managing Director, Alh. Waheed Olagunju, attributed the growth to strong commitment, professionalism and strict adherence to global best practices by management team and staff and that the achievements also orchestrated BoI’s consistent high ratings by international and domestic rating agencies.
“The recent approval of its accounts by the Central Bank of Nigeria clearly shows that 2017 will definitely be a profitable year for us as we assure our shareholders of stronger financial year, which was reflected in our 2017 first quarter, as against Q1 of 2016,” he said.
