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Sunday, May 26, 2024

BoI Announces 39.2% Assets Growth, Rakes in N71.98bn Profit

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The Bank of Industry, BoI, has showed remarkable progress with a N2.38trillion  assets valuation in 2022 over the N1.71 trillion assets valuation the previous year.

It also witnessed a rise in profit before tax, reaching N71.98 billion in 2022, a 15.6 per cent increase from N62.28 billion the previous year.

This growth was announced by BoI’s Chairman, Aliyu Dikko, at the bank’s 63rd Annual General Meeting held in Transcorp Hilton Abuja yesterday. 

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    To the delight of its shareholders, the bank declared a dividend payment totaling N7.82 billion.

    Dikko attributed the bank’s asset growth to the successful conclusion of three capital raising transactions throughout the year, securing over $2 billion, despite the challenging global economic conditions.

    According to him, this achievement underscores BoI’s resilience and ability to thrive amid adversity.

    BoI’s Managing Director/CEO, Mr. Olukayode Pitan, highlighted the instrumental role played by the bank’s performance and results in attracting both local and foreign capital. 

    He said this capital influx had empowered BoI to effectively fulfill its obligations and support economic growth.

    Despite formidable economic headwinds, BoI has proven its mettle by consistently surpassing obstacles and generating positive outcomes. 

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