BOI Total Assets Hit N2.38tn

The Bank of Industry (BOI) Group has reported an exceptional financial and developmental performance for the year ended December 31, 2022, with its total assets crossing the N2 trillion mark. Despite facing challenges caused by the COVID-19-induced recession in 2020, the bank continued to grow in major financial indices, cementing its position as Nigeria’s largest and most impactful development finance institution.

The bank’s financial statement revealed gross earnings growth of 15.4 per cent to N212.96 billion in 2022, compared to N184.55 billion in 2021. Interest income from both customer loans and investments also increased by 21.1 per cent in 2022 to N212.96 billion from N175.83 billion the previous year. Profit before tax rose by 15.6 per cent to N71.99 billion in 2022, reflecting remarkable growth in interest income and other income lines alongside the reduction in impairment charges.

In its developmental impact, the bank disbursed N210.7 billion to 418,436 beneficiaries in the year, through both its direct and indirect lending platforms and funds it manages on behalf of its strategic partners. The bank’s intervention programs, which traversed several sectors and segments of the Nigerian economy, contributed significantly to national goals of economic recovery and job creation, while empowering Nigerian businesses, especially micro, small, and medium enterprises to remain in operations sustainably.

The bank achieved significant growth following the successful conclusion of three landmark capital-raising transactions in the year worth €1.85 billion (about $2 billion) from the international financial markets. These transactions include the bank’s maiden Eurobond of €750 million, which was concluded in February 2022. The deal was the bank’s first Eurobond transaction and the first Euro-denominated Eurobond transaction in Nigeria, covered by Nigeria’s sovereign guarantee, representing the first of its kind by a national development finance institution in Africa. The bank received the Agency Bond Deal of the Year award at the 2023 awards event of the Bonds, Loans, and ESG Capital Markets in Capetown, South Africa.

Furthermore, the bank concluded a €1 billion guaranteed senior loan facility, which is the first of its kind by any Nigerian financial institution, in terms of its size and structure. Through the transaction, the bank raised liquidity and diversified its funding sources by attracting new lenders, despite the international capital markets being prohibitively expensive and shut to many borrowers at the time. The bank also expanded its financing interventions in environmentally friendly and green projects through a €100 million line of credit from the French Development Agency, including a grant of €2.5 million to support capacity building for both staff and customers.