The Bank Of Industry Increase To N2.38Trillion

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According to the report, the total group asset of the Bank Of Industry(BOI), increase to N2.38 indicating a 39.2 percent growth.

As at last year December, the Bank Of Industry(BOL) increased in the growth of the industry which brings about outstanding financial performance in industry.

According to the bank, there is continual growth in the industry yearly, which make the industry to be the largest and also has a positive impact on the financial status.

Speaking on the Gross earning of the industry, as of 2021 it increase by 15.4 percent in 2022 from N184.55 billion to N212.96 billion.Also, there was an increase in customer loans and investments by 21.1 percent.

According to the bank, since there is a growth in the interest income it makes the profit before tax (PBT)increase by 15.6 percent.

Speaking on the Total equity of the banks rose by 11.7 percent to N429.83 billion compared to the previous years, the loan and advances also increase.  

Speaking on the bank development, the bank did payment of the financial settlement, the sum of N210.7 billion to 418,436 beneficiaries in the year.

According to the bank, there are three key capital raising transactions in the year from the international financial market as a year.

According to the bank, that was the first deal was the bank’s first Eurobond transaction, as well as the first Euro-denominated eurobond transaction in Nigeria.

According to the industry, the bank earns this year's award event of bonds, loans, and ESG capital.

Speaking on the key capital rising of the bank, the second deal was the €1 billion guaranteed senior loan facility, which was concluded in August last year. The deal also represents the first of its kind.

Further, speaking, the bank during transactions, the bank was not only able to raise liquidity but was also able to diversify its funding sources by attracting new lenders.  

According to the industry, the credit facility was able to expand its financing ventures,€100 million line of credit from the French Development Agency (AFD) was also concluded in August last year. 

According to the bank, its intervention programs in the year, which traversed several sectors and segments of the Nigerian economy, did not only contribute significantly to national goals of economic recovery and job creation but also empowered Nigerian businesses, especially micro, small, and medium enterprises to remain in operations sustainably.

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