Business

BoI Declares N12bn Profit, Disburses N84bn In 2015

The Bank of Industry (BoI) has announced a profit after tax of N12 billion and an exceptional income of N37 billion from the disposal of WAMCO shares for the financial year ended December 31, 2015.

Besides, the bank, hinging its improved profitability on operational efficiency during the financial year, also disbursed loans worth N83.5 billion to 776 enterprises, which comprises 47 large enterprises and 729 SMEs in the year.

The bank explained that the loans to large enterprises went to companies in Nigeria’s real sectors such as agro-processing, food processing, solid minerals, gas value-chain, engineering and technology and light manufacturing.

According to the bank, the loans for small and medium enterprises were disbursed to companies in the various SME clusters such as fruit juice, cassava processing, fish farming, bakery and furniture, among others, adding that the loans resulted in the creation of over 90,000 jobs in 2015.

“The bank’s operating results are underpinned by strong growth in the Bank’s balance sheet, improvement in the Bank’s non-performing loan ratio from 18 per cent in May 2014 to four per cent in December 2015, and efficient cost management which saw the growth in operating expenses limited to only 12 per cent in 2015,” the bank said.

Speaking on the result, the managing director, Mr Rasheed Olaoluwa, said, “I feel very proud of what we achieved in 2015. We made significant developmental impact through the disbursement of over N83billion to nearly one thousand enterprises.  We commissioned two of the six rural solar micro grid projects we financed.  We introduced many products and programmes to support the SME ecosystem.

“We obtained our ISO 9001:2008 Quality Management System Certification. We also secured our first ever international rating from Fitch Ratings (BB-) and Moody’s (Ba3), moving the Bank closer to global best practices.”

He expressed gratitude to all the Bank’s development stakeholders for their continuing support to the BoI, especially the Central Bank of Nigeria and the 200 Business Development Service Providers (BDSPs).

Related Articles

Back to top button