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BOI Asset Grows by 39.2% in 2022

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CEM REPORT, FINANCE | The Bank of Industry (BoI) Group has announced a total asset of N2.38 trillion for the year ended 31st December 2022, indicating a 39.2 per cent growth when compared with the preceding year.

The group also announced gross earnings of N212.96 billion, a growth of 15.4 per cent in the financial year from N184.55 billion in 2021.

The bank in its financial report for the year ended 31st December 2022, did considerably well despite the headwinds that followed the COVID-19-induced recession in 2020.


A breakdown of the report reveals that interest income from both customer loans and investments improved by 21.1 per cent in 2022 to N212.96 billion from N175.83 billion in the previous year.

Detailing how the group raised capital from the international financial market in the review year, the report listed the bank’s maiden Eurobond of €750 million, which was concluded in February 2022.

While this is the bank’s first Eurobond transaction, as well as the first Euro-denominated Eurobond transaction in Nigeria, it is also the first Eurobond transaction that was covered by Nigeria’s sovereign guarantee and also represents the first of its kind by a national Development Finance Institution in Africa.

The transaction earned the bank, the Agency Bond Deal of the Year award at the 2023 Awards event of the Bonds, Loans and ESG Capital Markets in Capetown, South Africa.

Also, the bank transacted the €1 billion guaranteed senior loan facility, which was concluded in August of 2022. This deal also represents the first of its kind, by any Nigerian financial institution, both in terms of its size and structure.

Through this transaction, the bank was not only able to raise liquidity but was also able to diversify its funding sources by attracting new lenders, even though the international capital markets were prohibitively expensive and shut to many borrowers at the time.

Additionally, the group made “a €100 million line of credit from the French Development Agency (AFD) was also concluded in August 2022. Through this credit facility, the bank was able to expand its financing interventions in environmentally friendly and green projects. A grant of €2.5 million was also included in this deal to support capacity building for both our staff and customers.”

A further breakdown of the report reveals an interest income from both customer loans and investments improved by 21.1 per cent in 2022 to N212.96 billion from N175.83 billion in the previous year.

“Also, profit before tax rose by 15.6 per cent to N71.99 billion in the year, from N62.28 billion in 2021 due to remarkable growth in interest income and other income lines; alongside the reduction in impairment charges. Total equity grew by 11.7 per cent to N429.83 billion from N384.85 billion in 2021, while loans and advances improved by 3.2 per cent to N805.46 billion from N780.48 billion in 2021.”

This is as the BoI said it disbursed the sum of N210.7 billion to 418,436 beneficiaries in the year, through both direct and indirect lending platforms, as well as through funds it manages on behalf of its strategic partners.

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