The Bank of Industry (BoI) has recorded a profit of N39.33 billion for the 2019 financial year.
The bank said in a statement that it disbursed N234 billion to 10,145 enterprises, thus facilitating the creating of an estimated 1 million direct and indirect jobs.
The group’s total equity, it said stood at N293.09 billion showing a 13.4 per cent increase over 2018 position of ¦ 258.24 billion.
During the period under review, Profit Before Tax grew to N39.33 billion marking a year-on-year growth of 7.2 per cent over N36.66 billion of 2018.
The increase in profitability, according to the bank was s as a result of improvement in loan book, as well as the efficient management of the group’s other assets and liabilities.
Despite a slow start in the first quarter of the year due to the build-up to the 2019 general elections, Loans and advances grew by 16.7% from N634.11billion in 2018 to N740.03 billion in 2019.
interest income and interest expense increased by 20per cent and 54 per cent on a year-on-year basis respectively due to increase in loan book as well as the impact of borrowings (full year impact on the interest expense in 2019, while 2018 impact was for 6months).
The disbursement to the Micro, Small and Medium Enterprises (MSME) segment increased from N33.9 billion in 2018 to N53.0 billion in 2019, representing a remarkable 56.3 per cent year-on-year growth.
The bank also consolidated its role as the managing partner of one of the Federal Government’s Social Investment Programmes, Government Enterprise and Empowerment Programme (GEEP). N8.2 billion was disbursed to beneficiaries in 2019, thus bringing the total disbursed amount since inception to N36.9 billion to 2.3 million beneficiaries nationwide.
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