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The result indicates that the group’s total equity increased by 15.3% from N293.08bn in the previous year to N336.48bn in 2020; while loans and advances grew by 1.3% to N749.84bn. Its Profit Before Tax fell by 9.6% to N35.54bn.
Dikko said the Bank, through its partnership with the federal government on the National Social Intervention Programme, facilitated the disbursement N2.5bn and N1.2bn under the N-Power and Government Enterprise & Empowerment Programmes to 300,011 and 109,039 beneficiaries respectively.
“We also reduced interest rates on all BOI-funded projects by 2% p.a. – from 10% to 8% – for a 1-year period, and granted an additional moratorium of 3 months on principal repayment granted to all beneficiaries,” he added.