BoI’s support for businesses hits N171b

Following its intervention to businesses in the 2016 financial year, the Bank of Industry (BoI) has posted an operating profit before tax of N17 billion in 2016, 44 per cent increase, over the N11.9bn recorded in 2015.

Indeed, the Bank’s loans and advances also rose by 10 per cent to N171bn in 2016 from N156bn in 2015, followed by disbursements to Small and Medium Enterprises that similarly went up by 42 per cent within the same period to N8bn compared with N5.64bn in 2015.

Besides, the bank has assured its shareholders of a very bright and positive financial year, noting that its financial operations in Q1 2017 have already showed the bank performed brilliantly and profitably as against Q1 2016.

A review of the bank’s financial activities during the year showed that the quality of its risk assets also improved phenomenally with a reduction in the ratio of non-performing loans (NPL) to 3.72 per cent in 2016 from 5.87 in 2015.

According to the bank, the feat was achieved in year when the average ratio of non-performing loans in the nation’s banking industry rose sharply to 14% which is beyond the Central Bank of Nigeria’s threshold of 5%.

Acknowledging the Bank’s feat, the Institute of Chartered Accountants of Nigeria (ICAN) at its yearly dinner and awards conferred a merit award on the bank for its outstanding contributions to national development.

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