Bank Of Industry’s Total Assets Decline To N1.7trn In 2021

The Bank of Industry Group has grown its profit by N26.74bn from N35.54bn in 2020 to N62.28bn in 2021.

This was contained in the Bank’s summary financial statement seen by THE WHISTLER.

It lamented that there was a slight decline in the total assets to N1.71trn.

The Bank said that flexibility has been demonstrated in the face of macro-economic headwinds, adding that it recorded remarkable growth, even in face of the challenges caused by the COVID-19 pandemic.

The Bank’s long-established commitment in growing local industries got a boost as loans and advances to its numerous customers rose from N748.9bn in 2020 to N779.29bn in 2021.

The Bank also said it promoted financial inclusion by supporting the expansion of over three million enterprises, thereby creating over seven million jobs over the last five years.

The bank also made successful forays into the international market and raised about $3.8bn in the last 4 years.

This is part of efforts to expand its capital base to meet the needs of its customers, and contribute to the country’s economic growth.

This includes a $750m syndicated medium-term loan in 2018 (fully paid); a €1bn syndicated loan in March 2020; a $1bn syndicated loan in December 2020; and in addition, a €750m Senior Eurobond in February 2022.