Bank of Industry BoI gained a 100% profit in 2015, disbursed a total of 776 loans to enterprises

The Bank whose profit report for 2015 increased by 100% from N6 billion it achieved in 2014 disbursed a total of 776 loans to enterprises (47 large enterprises and 729 (SMEs) worth N83.5 billion.

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BoI gained a 100% profit in 2015, disbursed a total of 776 loans to enterprises play

BoI gained a 100% profit in 2015, disbursed a total of 776 loans to enterprises

(Bank of Industry)
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The Bank of Industry has announced its unaudited profit before tax to be N50.4billion for the year 2015, which represents an operating profit of N12billion and an exceptional income of N37 billion made from the disposal of WAMCO shares.

Read: Agency reportedly arrest NAMA boss, others over N5bn fraud

The Bank whose profit report for 2015 increased by 100% from N6 billion it achieved in 2014 disbursed a total of 776 loans to enterprises (47 large enterprises and 729 (SMEs) worth N83.5 billion.

The bank stated that loans to large enterprises were disbursed to the Agro-Processing, Food Processing, Solid Minerals, Gas Value-Chain, Engineering & Technology and Light Manufacturing sectors, while the SME loans went into various SME clusters such as fruit juice, cassava processing, fish farming, bakery, furniture, etc. therefore creating over 90,000 jobs in 2015.

The bank’s operating results are underpinned by strong growth in its balance sheet, improvement in the bank’s Non-Performing Loan ratio from 18 per cent in May 2014 to four per cent in December 2015, and efficient cost management which saw the growth in operating expenses limited to only 12 per cent in 2015,” a statement from the bank read.

Commenting on the success, Rasheed Olaoluwa, BoI’s managing director/CEO said: “I feel very proud of what we achieved in 2015.

"We made significant developmental impact through the disbursement of over N83billion to nearly one thousand enterprises.  We commissioned two of the six rural solar micro grid projects we financed.  We introduced many products and programs to support the SME Ecosystem.

“We obtained our ISO 9001:2008 Quality Management System Certifications. We also secured our first ever international rating from Fitch Ratings (BB-) and Moody’s (Ba3), moving the Bank closer to global best practices.

We are grateful to all our development stakeholders for their continuing support especially the Central Bank of Nigeria and our 200 Business Development Service Providers (BDSPs),” he added.

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