In 2017, the Bank of Industry, BoI, extended a loan sum totaling 112.5 billion naira to industrialists across Nigeria.

The Chairman, BoI, Aliyu Dikko, gave the figure in a presentation made at the 58th Annual General Meeting of the bank held in Abuja on Thursday.

He said despite the challenging operating environment, the lender recorded huge improvement in its financial performance.

For instance, Dikko stated that the total assets improved by 4.5% from 682 billion to 713 billion naira between 2016 and 2017, while the group’s total equity also rose to 241 billion naira in 2017 from 219 billion naira in the previous year.

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Similarly, he said profit before tax also increased to 26.3 billion naira from 16.9 billion naira in the period under review, representing a growth of 55.6%.

“The bank’s disbursement profile in the year also improved significantly to 112.5 billion naira from 65.9 billion naira that was achieved the previous year.

“Lending to the Micro, Small and Medium Enterprises also increased significantly to 29.5 billion naira when compared to 8.2 billion naira in 2016,” Dikko said.

The Managing Director of BoI, Mr. Olukayode Pitan, also told the AGM that the bank doubled its loan disbursement rate to the industrial sector within the period under review, noting that BoI had one of the least Non-Performing Loan ratio in the industry in the financial services industry.

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