Bank of Industry declares N1.8 trillion asset growth
The COVID-19 pandemic disrupted the global economy but it didn’t stop the Bank of Industry from gaining more assets.
The Chairman of the Bank of Industry, Aliyu Dikko, announced during the 61st Annual General Meeting in Abuja, Nigeria, that the Bank of Industry has recorded a 79.1% increase in its asset acquisition despite the effect of the COVID-19 pandemic on the bank’s operations and the global economy, leading up to a total of N1.8 trillion asset growth.
Aliyu Dikko also stated that the asset growth was caused by €1 billion and $1 billion debt syndications that occurred in March and December of 2020. BOI’s equity also increased by 15.3%, recording a total of N336.48 billion. Its loans and advances surged by 1.3%, resulting in N749.84 billion.
However, the Bank of Industry recorded a 9.6% decline in its profit before tax which is pegged at N35.54 billion. The decline is said to have been caused by the sluggishness in the Nigerian economic sector for the majority of 2020.