The Bank of Industry (BoI) has announced a profit after tax of N12 billion and an exceptional income of N37 billion from the disposal of WAMCO shares for the financial year.
A breakdown of the bank’s earnings for the year showed that the bank also recorded an unaudited Profit Before Tax of N50.4billion for the year ended December 31, 2015, representing an operating profit of N12 billion up by 100 per cent from N6 billion achieved in 2014.
The bank explained that loans to large enterprises went to companies in Nigeria’s real sectors such as agro-processing, food processing, solid minerals, gas value-chain, engineering & technology and light manufacturing,the loans for small and medium enterprises were disbursed to companies in the various SME clusters such as fruit juice, cassava processing, fish farming, bakery, furniture, among others, adding that the loans resulted in the creation of over 90,000 jobs in 2015.
In a statement by the bank: “The bank’s operating results are underpinned by strong growth in the bank’s balance sheet, improvement in the bank’s non-performing loan ratio from 18 per cent in May 2014 to four per cent in December 2015, and efficient cost management which saw the growth in operating expenses limited to only 12 per cent in 2015”,
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