According to the Bank of Industry (BOI) Group, as of the end of the 2022 fiscal year, its total assets increased by 39.2% to N2.38 trillion.
The growth, it declared in a statement on Monday, was made possible by the successful completion of three historic capital-raising transactions in the year totaling €1.85 billion (roughly $2 billion) from the international financial markets.
Despite the challenges that followed the COVID-19-induced recession in 2020, BOI claimed that it achieved an outstanding result in the year that ended on December 31, 2022.
It claimed that from N184.55 billion in 2021 to N212.96 billion in 2022, its gross earnings increased by 15.4%.
The group’s interest revenue from customer loans and investments increased by 21.1% to N212.96 billion in 2022 from N175.83 billion the year before.
Along with the remarkable growth in interest income and other income lines, along with the decrease in impairment charges, profit before tax increased by 15.6% to N71.99 billion in the year from N62.28 billion in 2021.
Loans and advances increased by 3.2% to N805.46 billion from N780.48 billion in 2021, while total equity increased by 11.7% to N429.83 billion from N384.85 billion.
The bank reported that in terms of its impact on development, it distributed N210.7 billion to 418,436 beneficiaries over the course of the year through both its direct and indirect lending platforms as well as through funds it managed on behalf of its strategic partners.
According to the statement, the bank’s first €750 million Eurobond, which was completed in February 2022, was one of the year’s three major capital raising transactions from the international financial market.
The agreement was the first Eurobond deal for the bank and the first Eurobond deal in Nigeria, according to the statement.
“The second was the €1 billion guaranteed senior loan facility, which was completed in August 2022,” it continued. In terms of size and structure, this transaction is a first of its kind for any financial institution in Nigeria.
