BoI posts N17bn profit in 2016

THE Bank of Industry (BoI) has recorded an operating profit before tax of N17 billion in 2016, 44 per cent more than the N11.9 billion recorded in 2015.

The Bank’s loans and advances also rose by 10 per cent to N171 billion in 2016 from N156billion  in 2015 and disbursements to Small and Medium Enterprises similarly increased by 42 per cent to N8 billion compared with N5.64 billion in 2015.

A review of the bank’s financial activities during the period revealed that the quality of its risk assets improved phenomenally with a reduction in the ratio of non-performing loans (NPL) to 3.72 per cent in 2016 from 5.87 per cent in 2015.

According to the bank, the feat was achieved when the average ratio of non-performing loans in the nation’s banking industry rose sharply to 14 per cent which is beyond the Central Bank of Nigeria’s threshold of 5 per cent.

The bank assured its shareholders of a very bright and positive financial year, noting that its financial operations in Q1 2017 indicated that the bank performed brilliantly and profitably as against Q1 2016.