BOI records 39.2% assets growth in two years – Chairman



Uba Group

The Bank of Industry Group has said it grew its total assets by 39. 2 percent between 2021 and 2022.

The Chairman Board of Directors, Aliyu Dikko, stated this at the 63rd Annual General Meeting of the bank in Abuja.

Addressing the bank’s shareholders, he said the bank maintained appreciable growth in its financial performance in the year.

Total Assets of the group grew by 39.2 percent between 2021 and 2022, from N1.71trillion to N2.38 trillion respectively. The growth was largely due to the three successful capital raising transactions worth 1.85 billion Euros in the year.

The group also reported a growth of 11.7 percent in its total equity between 2021 and 2022, from N384.85 to N429.83 billion respectively.

Profit before tax also followed the same trend, reporting 15.6 per cent growth from 62.28 billion to N 71. 99 billion in 2021 and 2022 respectively,” he said.

According to Dikko, loans and advances improved by 3.2 percent from N780.48 billion in 2021 to N805. 46 billion in 2022.

The chairman said the remarkable performance depicted the passionate and proactive disposition of the bank to continue to effectively deliver on its mandate, as the macro-economy gradually strengthened.

He acknowledged the challenges encountered during the period, saying that it was an opportunity for the bank to perform better.

Olukayode Pitan, Managing Director of the bank expressed delight at the significant performance of the bank in the period under review.

He said “This AGM is very significant, the result that we presented happens to be the best the bank has presented in 63 years.

“In terms of the head way, 2022 was a tough year and attracting foreign investment into Nigeria was difficult, but that notwithstanding, the bank within the year was able to bring an inflow of about two billion dollars into the country. Our major shareholders have shown their confidence in the bank by increasing their stake in the bank,’’ he stated.

One of the resolutions approved at the AGM was that the share capital of the bank be increased from N250 billion to N500 billion.

“BOI’s shareholders’ funds are over N400 billion but we have some funds our shareholders deposited for shares. So when we put everything together our shareholders funds will be very close to N600 billion. We are getting toward the target that we have which the minimum should be about N1 trillion, because that will allow us to do more than we are doing now,” Pitan disclosed.

He expressed optimism that the bank would continue to grow and exceed N5 trillion shareholders’ funds in the coming years.