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BOI’s profit before tax hits new high of N153.81 billion in 2023

BOI Bank of Industry

The Bank of Industry (BOI) has announced a profit before tax (PBT) of N153.81 billion for 2023, marking a 117.69% increase from the previous year’s N70.7 billion. This is the highest PBT in the bank’s history.

This significant achievement shows the Bank’s resilience and strategic financial performance despite challenging economic conditions.

In its 64th Annual General Meeting held at the Transcorp Hilton, Abuja, the Chairman of the Shareholders Committee, Mallam Muhammed Bala, highlighted the Bank’s growth in various financial metrics.

The Bank’s total assets surged by 64.6%, rising from N2.37 trillion to N3.91 trillion. This increase is indicative of BOI’s strengthened financial foundation and expanded capacity to support Nigeria’s industrial sector.

BOI’s total equity experienced a substantial boost, growing by 57.7% from N427 billion to N678 billion. This increase further reinforces the institution’s financial stability and capacity for future investments.

N496.717 billion in credit to businesses

In 2023, BOI advanced N496.717 billion in credit to 75,809 beneficiaries across large, medium, small, and micro enterprises.

These disbursements were pivotal in creating approximately 2,198,953 direct and indirect jobs nationwide, contributing significantly to job creation and economic stability.

The Bank’s loans and advances also saw a remarkable increase of 41.5%, growing from N803.6 billion to N1.14 trillion. This growth reflects BOI’s continued efforts to provide essential financial support to businesses across various sectors, reinforcing its role as a key driver of industrial development in Nigeria.

A press statement after the meeting read: “In furtherance to its drive to boost job creation through its interventions, the BOI significantly increased its disbursements to large, medium, small and micro enterprises, advancing credit amounting to N496.717 billion to 75,809 beneficiaries. These efforts have had a substantial socio-economic impact, creating approximately 2,198,953 direct and indirect jobs across the country.

“Speaking at the 64th Annual General Meeting which held at the Transcorp Hilton, Abuja, the Chairman of the Shareholders Committee, Mallam Muhammed Bala, also announced that the Bank’s total assets surged by an impressive 64.6%, escalating from N2.37 trillion to N3.91 trillion, which underscored the Bank’s commitment to enhancing its financial foundation and expanding its capacity to support Nigeria’s industrial sector.

“Mallam Bala also reported that this impacted on the Bank’s profits, as the Bank’s profit before tax increased by 117.69%, increasing from N70.7 billion to N153.81 billion, which is the highest in the Bank’s history. Also, the Bank’s loans and advances saw a substantial increase of 41.5%, rising to N1.14 trillion and N803.6 billion respectively, due to increased interventions and disbursements to enterprises, which reflects the Bank’s ongoing efforts to provide essential financial support to businesses across various sectors.

“The Bank’s total equity experienced a significant boost, growing by 57.7% from N427 billion to N678 billion, reinforcing the institution’s financial stability and capacity for future investments.”

More Insights

  • Looking ahead, Mallam Bala affirmed BOI’s commitment to supporting Nigeria’s industrial growth in line with President Tinubu’s Renewed Hope Agenda and the National Development Plan (2021-2025).
  • He said that the Bank will continue to implement its medium-term corporate strategy for 2022-2024, aiming to sustain its positive trajectory and further bolster the nation’s industrial sector.
  • Dr Olasupo Olusi, the Managing Director of BOI, emphasized the Bank’s ongoing efforts through various disbursement lines and managed intervention programs.
  • He noted that Initiatives such as the Smallholder Farmer Financing Product, MSME Distributor Finance Programme, Fintech/Digital Lending Product, Nigeria COVID-19 Action Recovery and Economic Stimulus (NG-CARES), and the Business Resilience Assistance for Value-Adding Enterprise (BRAVE) have been instrumental in driving economic recovery and job creation.

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