{"id":562,"date":"2023-09-12T09:50:28","date_gmt":"2023-09-12T09:50:28","guid":{"rendered":"https:\/\/arritoneconsult.com.ng\/blog\/?p=562"},"modified":"2023-09-12T09:50:30","modified_gmt":"2023-09-12T09:50:30","slug":"bank-of-industry-achieves-remarkable-milestones-with-67-yoy-asset-growth-and-177-profit-surge","status":"publish","type":"post","link":"https:\/\/arritoneconsult.com.ng\/blog\/2023\/09\/12\/bank-of-industry-achieves-remarkable-milestones-with-67-yoy-asset-growth-and-177-profit-surge\/","title":{"rendered":"Bank of Industry Achieves Remarkable Milestones with 67% YoY Asset Growth and 177% Profit Surge"},"content":{"rendered":"\n

In a testament to its robust financial performance, the Bank of Industry Achieves Remarkable and has announced a staggering of N3.3 trillion in total assets as of June 30, 2023. This signifies an impressive Year-on-Year (YoY) growth of 67%, compared to the N1.97 trillion in assets recorded in June 2022.<\/p>\n\n\n\n

Bank of Industry Achieves Remarkable Profit Before Tax (PBT), even after accounting for impairments, has surged by an astonishing 177% YoY, reaching N104 billion, a remarkable jump from N37.5 billion in 2022.<\/p>\n\n\n\n

Moreover, BOI has consistently maintained a commendably low Non-Performing Loan (NPL) rate, well below the regulatory threshold of 5%. As of June 2023, the bank’s NPL stood at a mere 1.88%, demonstrating a significant improvement from the 3.6% reported in December 2022.<\/p>\n\n\n\n

The bank has also bolstered its equity position, witnessing a substantial 57% increase to \u00a6 634 billion from \u00a6 403.6 billion, exceeding the regulatory requirement of \u00a6 10 billion for retail Development Finance Institutions (DFIs).<\/p>\n\n\n\n

Impressively, BOI’s exceptional financial performance has translated into substantial contributions to the Federation Account. It has disbursed dividends totaling approximately N42.2 billion and paid taxes amounting to N64.2 billion since the tenure of Mr. Olukayode Pitan as the Managing Director, which began in 2017.<\/p>\n\n\n\n

BOI has remained steadfast in fulfilling its mandate of supporting industries and fostering the growth of Micro, Small, and Medium Enterprises (MSMEs). Over the past five years, it has disbursed over N1.4 trillion to more than 4.4 million customers, resulting in the creation and preservation of approximately 10 million jobs.<\/p>\n\n\n\n

Bank of Industry’s recent financial achievements, including its substantial asset growth, remarkable increase in PBT, low NPL rate, and impressive equity position, highlight its significant role in bolstering Nigeria’s economic landscape. With its continued dedication to supporting industries and MSMEs, the Bank remains a vital catalyst for economic development and job creation in the country.<\/p>\n\n\n\n

For more news visit https:\/\/arritoneconsult.com.ng\/blog<\/a><\/p>\n\n\n\n

For more educational post visit examhood.com.ng<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

In a testament to its robust financial performance, the Bank of Industry Achieves Remarkable and has announced a staggering of N3.3 trillion […]<\/p>\n","protected":false},"author":4,"featured_media":563,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"footnotes":""},"categories":[28],"tags":[],"class_list":["post-562","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"\nBank of Industry Achieves Remarkable Milestones with 67% YoY Asset Growth and 177% Profit Surge - Arritone Consult<\/title>\n<meta name=\"description\" content=\"Bank of Industry Achieves Remarkable milestones: 67% YoY asset growth and 177% profit surge, shaping economic development.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/arritoneconsult.com.ng\/blog\/2023\/09\/12\/bank-of-industry-achieves-remarkable-milestones-with-67-yoy-asset-growth-and-177-profit-surge\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bank of Industry Achieves Remarkable Milestones with 67% YoY Asset Growth and 177% Profit Surge - 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