Bank of Industry posts N53.4 billion profit in big recovery from pandemic squeeze

Bank of Industry (BOI) shook off the cost pressures from pandemic lockdowns that depressed its bottom-line by 9.6 per cent in 2020 to record a post-tax profit, which jumped eight times over the previous year, according to the financials of the Abuja-based development bank seen by PREMIUM TIMES.

The comeback hung on its bumper revenue of N184.6 billion which, thanks to a much-improved net interest income that eclipsed that of the previous year by 40 per cent.

More than it did the year before, the government-controlled lender earned the bulk of its interest income from investment in debt instruments.

Standing at N107.5 billion this time, it surpassed the combined value of other contributors to that earnings category including loans & advances plus placements with financial institutions.

But for all that, the coronavirus crisis, although not widely devastating as it was in 2021, still had its reverberations across the balance sheet.