BoI posts N17b PBT

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*Olagunju

The Bank of Industry (BoI) grossed N17 billion (up 44 per cent) profit before tax for the financial year ending December 31, 2016 compared to N11.9 recorded during the corresponding period of 2015.

Also the Bank’s loans and advances increased by 10 per cent to N171 billion in 2016, from N156 billion in 2015.

Similarly, disbursements to Small and Medium Enterprises (SMEs) went up by 42 per cent within the same period to N8 billion, compared with N5.64 billion in 2015.

The quality of BoI’s risk assets as well improved phenomenally with a reduction in the ratio of non-performing loans (NPL) to 3.72 per cent in 2016 from 5.87 per cent in 2015.

The acting managing director and chief executive officer of the bank, Mr. Waheed Olagunju said the achievements were recorded during the period when the average ratio of non-performing loans in the nation’s banking industry rose sharply to 14 per cent beyond the Central Bank of Nigeria’s (CBN) threshold of 5 per cent.

He attributed the feat to strong commitment to professionalism and strict adherence to global best practices by the bank’s competent, dedicated as well as passionate management team and staff.

Olagunju added that the bank’s performance had resulted in its consistently high ratings by international and domestic rating agencies.

While Moody’s assigned BoI Aa1 in 2016 up from Ba3 in 2015, Agusto’s rating of AA- in 2016 was higher than A+ of 2015. AA+ assigned by Fitch in 2015 was affirmed in 2016.

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