Categories: Business

Bank of Industry announces improved revenues for 2021

THE Bank of Industry (BOI) shook off the cost pressures from pandemic lockdowns that depressed its bottom-line by 9.6 per cent in 2020 to record a post-tax profit, which jumped eight times over the previous year, according to the financials of the Abuja-based development bank.

The comeback hung on its bumper revenue of N184.6 billion which was attributed to a much-improved net interest income that eclipsed that of the previous year by 40 per cent.

More than it did the year before, the government-controlled lender earned the bulk of its interest income from investment in debt instruments.

Standing at N107.5 billion this time, it surpassed the combined value of other contributors to that earnings category including loans and advances plus placements with financial institutions.

But for all that, the coronavirus crisis, although not widely devastating as it was in 2021, still had its reverberations across the balance sheet.

“Total Assets reduced from N1.86 trillion in 2020 to N1.71 trillion in the year under review,” Olukayode A. Pitan, the lender’s chief said in the CEO statement accompanying the report.

“The 8.2 per cent decline was as a result of the reduction in debt securities and cash balances at the Central Bank of Nigeria as repayments of our syndicated loans continued,” he added.

Also, net fees and commission income fell 71.9 per cent to N578.1 million as BOI settled the monitoring fees it incurred from loans guaranteed to customers at some commercial banks with a greater portion of its earnings from this revenue source.

Profit before tax was N62.3 billion, higher than the 2020 figure by 75.2 per cent, while profit for the year climbed 69.1 per cent to N53.4 billion.

Net profit margin, which shows how much of revenue has turned into profit, stood at 28.9 per cent.

BOI now operates in 29 Nigerian states and commissioned three new offices in Lagos, Ekiti and Edo states during the year.

Chima Nwokoji

Recent Posts

How to check 2025 UTME result

TRIBUNE ONLINE highlights easy steps candidates should follow to access their results.

18 minutes ago

Lokoja Okada riders protest Police harassment, revenue collection hike

“We are tired of this harassment by the police in Lokoja. If our members are…

29 minutes ago

BREAKING: Makinde reshuffles cabinet

Oyo State governor, 'Seyi Makinde, has carried out a cabinet reshuffle.

47 minutes ago

Fayemi warned me not to inherit his enemies — Gov Oyebanji

Ekiti State Governor, Biodun Oyebanji, has revealed that his predecessor, Dr Kayode Fayemi, warned him…

48 minutes ago

FG to establish mobile Police unit, build barracks in Jigawa

The federal government is set to establish an anti-riot (mobile police) unit and construct 20…

52 minutes ago

Extend gratuity payments to LG retirees, Sokoto NLC urges Gov Aliyu

“We appreciate the governor’s efforts in addressing the plight of state workers. However, we also…

56 minutes ago

Welcome

Install

This website uses cookies.