The Bank of Industry Group achieved strong financial and developmental results in 2022, despite the COVID-19 recession. It saw continued growth, securing its position as Nigeria’s leading development finance institution. The group’s assets reached N2.38 trillion in 2022, a 39.2% increase from the previous year.
The Bank of Industry said the increase was the result of €1.85 billion ($2 billion) raised from international financial markets in three key transactions. Gross earnings increased by 15.4% in 2022 to N212.96 billion, down from $184.55 billion in 2021.”Also, profit before tax rose by 15.6 percent 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 percent to N429.83 billion from N384.85 billion in 2021, while loans and advances improved by 3.2 percent to N805.46 billion from N780.48 billion in 2021.”
The bank’s intervention programs supported various sectors and segments of Nigeria’s economy. They contributed to economic recovery, job creation, and empowered businesses to operate sustainably. This was especially beneficial for micro, small, and medium enterprises.
The bank gave out N210.7 billion to 418,436 recipients via direct and indirect loans and managed funds for partners. The bank raised €750 million through its maiden Eurobond in February 2022, marking a significant milestone for the bank, the country, and Africa. The bank’s inaugural Eurobond deal was Nigeria’s first euro-denominated transaction, backed by its sovereign guarantee, and the first of its kind by an African Development Finance Institution.
