HomeBusinessBank of Industry gains 67% assets, 177% in profits

Bank of Industry gains 67% assets, 177% in profits


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The Bank of Industry (BOI) has achieved N3.3 trillion in total assets as of June 30, 2023.

This represents a year-on-year (YoY) growth of 67% on the N1.97 trillion asset level as of June 2022.

Profit before tax, or PBT, after impairments has grown by an impressive 177% YoY to N104 billion from N37.5 billion in 2022.

The bank has historically been able to maintain a non-performing loan (NPL) rate below the regulatory threshold of 5%.

The bank’s NPL as of June 2023 was 1.88%, down from 3.6% as of December 2022.

BOI has also grown its equity position by 57% to N634 billion from N403.6 billion, which exceeds the regulatory requirement of N10 billion for retail development finance institutions, or DFIs.

With its impressive financial performance, the bank was able to contribute significantly to the Federation Account, paying dividends of approximately N42.2 billion and taxes amounting to N64.2 billion since the current leadership was headed by Mr. Olukayode Pitan as the Managing Director in 2017 to date.

The Bank has focused heavily on delivering its mandate of supporting industries as well as micro, small, and medium enterprises (MSMEs) to grow and thrive by disbursing over N1.4 trillion over the last five years to over 4.4 million customers, thereby creating and saving about 10 million jobs.


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