Nigeria’s Bank of Industry (BOI) Group has increased its assets from N1.04 trillion to N1.86 trillion between 2019 and 2020.
In its 2020 financial statement, BOI described the growth “as a resounding success in a period of significant challenges in the operating environment on account of the impact of the COVID-19 pandemic on the economy”.
According to the BOI, the positive result was a demonstration of its resilience and strength.
“It also indicates synergy with the various interventions developed by the Federal Government, the Central Bank as well as other strategic partners towards ameliorating the impact of the pandemic on Nigerian enterprises,” a statement by the bank yesterday added.
It explained that, “The 78.9 per cent increase of the Group’s assets was driven to a large extent by the successful debt syndication of €1 billion and $1 billion that were concluded in March and December 2020 respectively.”
The group’s total equity also increased by 14.8 per cent from N293.08 billion in the previous year to N336.48 billion in 2020.
