Bank of Industry Posts N39.33bn Profit

• Bank of Industry Posts N39.33bn Profit

The Bank of Industry posted a profit before tax of 39.33 billion for the financial year ended December 31, 2019.

This was 7.2 percent higher than the N36.66 billion posted in the corresponding period of 2018.

According to the bank, the increase was as a result of improvement in loan book and the effective management of the group’s other assets and liabilities.

Similarly, the lender was able to grow loans and advances by 16.7 percent from N634.11 billion in 2018 to N740.03 billion in 2019 despite the 2019 general elections.

Also, the bank grew total equity by 13.4 percent from N258.24 billion achieved in 2018 to N293.09 billion while disbursing N234 billion to 10,145 enterprises, facilitating the creation of over one million jobs, the bank said in a statement.

“The disbursement to the micro, small and medium enterprises segment increased from N33.9bn in 2018 to N53bn in 2019, representing a 56.3 per cent year-on-year growth.

“Interest income and interest expense increased by 20 per cent and 54 per cent on a year-on-year basis respectively due to increase in loan book as well as the impact of borrowings (full year impact on the interest expense in 2019, while 2018 impact was for six months).”

It added that N8.2 billion was disbursed to beneficiaries in 2019 to complement government’s efforts on Social Investment Programmes, Government Enterprise and Empowerment Programme.

“The success of this transaction shall enable the Bank of Industry to catalyse domestic production and job creation on a transformational scale.

“It will enhance local industry competitiveness, attract domestic and foreign investments, integrate local industries into domestic, regional and global value chains, grow export earnings and positively impact the overall economic development of the country,” the statement said.