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.
The Bank of Industry (BOI) says its total assets grew to N1.86 trillion during the 2020 financial year, despite the negative impacts of the COVID-19 pandemic on global economies.