BoI Group Grows Total Assets To N2.3trn
The Bank of Industry (BoI) Group has said it grew its total assets to N2.38 trillion in 2022.
A statement by the bank on Monday said: “The group’s total asset crossed the N2 trillion mark in 2022 to N2.38 trillion, indicating a 39.2 per cent growth when compared with the preceding year.
“This significant leap was achieved following the successful conclusion of three landmark capital raising transactions in the year, worth €1.85 billion (about $2 billion) from the international financial markets,” it noted.
Gross earnings grew by 15.4% to N212.96bn in 2022 from N184.55bn in 2021. Interest income from customer loans and investments improved by 21.1% in 2022 to N212.96bn from N175.83bn in the previous year.
Its profit before tax rose by 15.6% to N71.99bn in the year, from N62.28bn in 2021 due to remarkable growth in interest income and other income lines; alongside the reduction in impairment charges.
BoI further stated that total equity grew by 11.7% to N429.83bn from N384.85bn in 2021, while loans and advances improved by 3.2% to N805.46bn from N780.48bn in 2022.
The statement added that the bank disbursed N210.7bn to 418,436 beneficiaries in 2022 through its direct and indirect lending platforms as well as through funds it manages on behalf of its strategic partners.