{"id":41993,"date":"2022-04-20T16:26:11","date_gmt":"2022-04-20T16:26:11","guid":{"rendered":"https:\/\/thefreezonechannel.com\/?p=41993"},"modified":"2022-04-20T16:26:15","modified_gmt":"2022-04-20T16:26:15","slug":"boi-makes-profit-of-n62bn","status":"publish","type":"post","link":"https:\/\/thefreezonechannel.com\/old\/boi-makes-profit-of-n62bn\/","title":{"rendered":"BoI makes profit of N62bn &nbsp;"},"content":{"rendered":"<p>The Bank of Industry Group has reported a profit before tax of N62.28 billion for the financial year ended December 31, 2021; 75 per cent higher than the 2020 profit of N35.54 billion. &nbsp;<\/p>\n\n\n\n<p>This is contained in the group\u2019s summary financial information released yesterday. &nbsp;<\/p>\n\n\n\n<p>Discounted for tax, the profit for the year under review comes to N53.41 billion, compared to N31.59 billion in 2020. &nbsp;<\/p>\n\n\n\n<p>Also consistent with its growth trajectory, the group grew its total equity to N384.84 billion for the year ended 2021; over the 2020 position of N336.48 billion. However, its total asset dropped slightly to N1.71 trillion. &nbsp;<\/p>\n\n\n\n<p>The Group comprises the Bank of Industry, herein referred to as The Bank, and its subsidiary companies. &nbsp;<\/p>\n\n\n\n<p>The Bank made an after tax profit of N52.60 billion in 2021, compared to N30.90 billion in 2020. &nbsp;<\/p>\n\n\n\n<p>It has consistently demonstrated resilience in the face of macro-economic headwinds and recorded remarkable growth, even in face of the challenges posed by the COVID-19 pandemic.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<p>The Bank\u2019s traditional commitment to grow local industries got a boost as loans and advances to the its numerous customers rose from N748.9 billion in 2020 to N779.29 billion in 2021. &nbsp;<\/p>\n\n\n\n<p>The increased support for industries in 2021 was consistent with its mandate to transform Nigeria\u2019s industrial sector by providing long-term financing and counter-cyclical loans diversified across industries such as agro-processing, gender businesses and renewable energy among others. &nbsp;<\/p>\n\n\n\n<p>In the five years up to 2021, BOI promoted financial inclusion by supporting the expansion of over 3 million enterprises, thereby creating over 7 million jobs. &nbsp;<\/p>\n\n\n\n<p>To expand its capital-base to meet the needs of its customers, and contribute to economic growth of the Nigeria, the bank made successful forays into the international market and raised about $3.8 billion in the last 4 years. &nbsp;<\/p>\n\n\n\n<p><a href=\"https:\/\/www.thisdaylive.com\/index.php\/2022\/04\/20\/bank-of-industry-group-grows-profit-by-75-to-n62bn-in-2021\/\">More=ThisDay= \u00a0<\/a><\/p>\n\n<!--themify_builder_content-->\n<div id=\"themify_builder_content-41993\" data-postid=\"41993\" class=\"themify_builder_content themify_builder_content-41993 themify_builder tf_clear\">\n    <\/div>\n<!--\/themify_builder_content-->","protected":false},"excerpt":{"rendered":"<p>The Bank of Industry Group has reported a profit before tax of N62.28 billion for the financial year ended December 31, 2021; 75 per cent higher than the 2020 profit of N35.54 billion. &nbsp; This is contained in the group\u2019s summary financial information released yesterday. &nbsp; Discounted for tax, the profit for the year under [&hellip;]<\/p>\n","protected":false},"author":3,"featured_media":21405,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[125],"tags":[682],"class_list":["post-41993","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-money","tag-boi","has-post-title","has-post-date","has-post-category","has-post-tag","has-post-comment","has-post-author",""],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.7 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>BoI makes profit of N62bn &nbsp; - The Freezone Channel<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/thefreezonechannel.com\/old\/boi-makes-profit-of-n62bn\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"BoI makes profit of N62bn &nbsp; 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