BOI Records 32 Per Cent Increase In Total Asset

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As of the end of 2022 financoal period, the Bank of Industry Group said its total asset rose by 39.2 per cent to N2.38tn as of the end of 2022 financial period.

This was made known in a statement released by the group on Monday

According to the group, the growth was achieved following the successful conclusion of three landmark capital raising transactions in the year, worth €1.85bn (about $2 billion) from the international financial markets.

The bank  stated that its gross earnings grew by 15.4 per cent to N212.96 billion in 2022 from N184.55 billion in 2021.

The group’s interest income from both customer loans and investments improved by 21.1 per cent in 2022 to N212.96bn from N175.83bn in the previous year.

Also, profit before tax rose by 15.6 per cent to N71.99 billion in the year, from N62.28 billion n in 2021 due to remarkable growth in interest income and other income lines; alongside the reduction in impairment charges.

It also disclosed that total equity grew by 11.7 per cent to N429.83 billion from N384.85 billion in 2021, while loans and advances improved by 3.2 per cent to N805.46 billion from N780.48 billion in 2021.

In its developmental impact, the bank said it disbursed N210.7bn to 418,436 beneficiaries in the year, through both its direct and indirect lending platforms.

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