• Latest
  • Trending
boi-records-n39.33-billion-profit

BoI records N39.33 billion profit

April 2, 2020
appointments:-enugu-north-unfairly-treated-–-buhari-movement

Appointments: Enugu North unfairly treated – Buhari Movement

July 13, 2020
federal-legislator-advocates-cancellation-of-annual-recess-over-critical-bills

Federal legislator advocates cancellation of annual recess over critical bills

July 13, 2020
covid-19:-bill-gates-is-linked-to-666-–-pastor-chris-okotie-reveals-satan’s-plans

COVID-19: Bill Gates is linked to 666 – Pastor Chris Okotie reveals Satan’s plans

July 13, 2020
ogun-nnpp-fires-abiodun-as-bridge-collapses-less-than-one-year-after-construction

NNPP fires Abiodun as bridge collapses less than one year after construction

July 13, 2020
efcc:-magu-worked-for-osinbajo,-tinubu,-they-are-his-godfathers-–-fani-kayode

EFCC: Magu worked for Osinbajo, Tinubu, they are his godfathers – Fani-Kayode

July 13, 2020
covid-19:-ncdc-announces-discharge-of-13,447-patients,-571-new-cases

COVID-19: NCDC announces discharge of 13,447 patients, 571 new cases

July 13, 2020
magu:-buhari,-apc-against-corruption-–-spokesman,-nabena

Magu: Buhari, APC against corruption – Yekini Nabena

July 13, 2020
malami-breaks-silence-on-approving-auctioning-of-seized-oil-vessels

Malami breaks silence on approving auctioning of seized oil vessels

July 12, 2020
nigerian-troops-kill-scores-of-bandits,-rescue-kidnapped-victims-in-sokoto,-zamfara

Nigerian troops kill scores of bandits, rescue kidnapped victims in Sokoto, Zamfara

July 12, 2020
kwara-deputy-governor’s-staff-contract-covid-19

Kwara Deputy Governor’s staff contract COVID-19

July 12, 2020
how-nigerian-govt,-states,-lgs-shared-n7.8-trn-in-2019-[breakdown]

How Nigerian govt, States, LGs shared N7.8 trn in 2019

July 12, 2020
covid-19:-guidelines-for-school-reopening-in-akwa-ibom-unrealistic,-tough-–-proprietors

COVID-19: Guidelines for school reopening in Akwa Ibom unrealistic, tough – Proprietors

July 12, 2020
  • About Us
  • Contact Us
  • Disclaimer
  • Home
  • Privacy Policy
Tuesday, June 28, 2022
Nigerian News
  • Home
  • News
  • World
  • Business
  • Entertainment
  • Politics
  • Sports
  • Tech
  • Security
No Result
View All Result
Nigerian News
  • Home
  • News
  • World
  • Business
  • Entertainment
  • Politics
  • Sports
  • Tech
  • Security
No Result
View All Result
Nigerian News
No Result
View All Result

BoI records N39.33 billion profit

by Olalere Abolore
April 2, 2020
0
boi-records-n39.33-billion-profit
790
SHARES
6.5k
VIEWS
Share on FacebookShare on Twitter

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.

ReadAlso

Few Nigerians have access to loans

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.

Web Hosting in Nigeria

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.

Nigerian's news

Email us @ info[at]nigerians.news
Previous Post

COVID-19: Taskforce officials attack NUJ Chairman, another journalist in Delta

Next Post

6-week-old baby dies of coronavirus in US

Related Posts

stanbic-ibtc-joins-ops-in-fight-against-covid-19
Banking

Stanbic IBTC joins OPS in fight against COVID-19

April 2, 2020
stanchart-commits-$1b-to-finance-firms-tackling-covid-19
Banking

StanChart commits $1b to finance firms tackling COVID-19

April 2, 2020
sterling-bank-declares-n864m-dividend
Banking

Sterling Bank declares N864m dividend

April 1, 2020
CBN Governor, Godwin Emefiele
Banking

COVID-19: Banks, private sector operators to the rescue

April 1, 2020
eti-group-gets-two-directors
Banking

ETI Group gets two directors

March 31, 2020
covid-19:-buhari-retracts,-exempts-banks-from-lockdown-in-nigeria
Banking

COVID-19: Buhari retracts, exempts banks from lockdown in Nigeria

March 30, 2020
Next Post
6-week-old-baby-dies-of-coronavirus-in-us

6-week-old baby dies of coronavirus in US

Cheap Web hosting in Nigeria

Popular News

Wizkid, Quavo congratulate Davido, Chioma over birth of son

Coronavirus patient escapes isolation facility in Ghana

Offa robbery: Police explain death of suspect Adikwu

Buhari promises to cut oil output for higher prices

Many faces of Nigerian female migrants in Castel Volturno in Italy

Nigerian churches seize gospel initiative in UK

Auto dealers agree to vacate right of way

Only one functional ATM at Lagos Trade Fair

Woman dies after failed plastic surgery

The Osinbajos mark 29th wedding anniversary

Subscribe to Nigerian's news Alert

Enter your email address to subscribe to Nigerian's news and receive notifications of new posts by email.

Join 245 other subscribers

Nigerian News

© 2019 Nigerian's news | Designed by Afeeshost

Quick Links

  • About Us
  • Contact Us
  • Disclaimer
  • Home
  • Privacy Policy

Follow Us

  • Home
  • News
  • World
  • Business
  • Entertainment
  • Politics
  • Sports
  • Tech
  • Security

© 2019 Nigerian's news | Designed by Afeeshost

×

Like us on Facebook

Posting....