BoI records N5.6bn profit in 2014
Efforts by the Bank of Industry (BoI) to re-engineer its processes within the 2014 financial year paid off, as the bank's profit after tax surged by 138 per cent year-on-year.
Specifically, the bank's profit after tax rose from N2.2bn in 2013 to N5.2bn 2014, according to the financial results released by the bank.
Similarly, the bank grew its profit before tax by 233 per cent from N1.7bn in 2013 to N5.6bn in 2014.
The growth in profitability, according to the bank, is attributable to an increase in its loan portfolio in 2014, and a decrease in its overheads.
The bank said the decrease in other overheads was as a result of conscious cost-optimisation measures adopted by the bank.
Indeed, the bank's loans and advances grew by 10.2 per cent from N517bn in 2013 to N570bn in 2014, while its total assets hit N612.1bn, and shareholders' fund closed at N162.2bn.
The Managing Director and Chief Executive Officer, BoI, Rasheed Olaoluwa, said, 'The bank's results for 2014 represent the outcome of our deliberate revenue and cost-optimisation strategies as well as improved staff productivity. We are focused intensely on our core mandate as a development bank.
'New loans processed exceeded N127bn to companies in various sectors such as agro processing, metals, gas distribution, plastics, pharmaceuticals, general manufacturing, creative industry, and SMEs generally. We continue to make developmental impact in key economic sectors.
'We are re-engineering and automating our core processes and we're already seeing improved efficiency levels and a significant reduction in our operating expenses.'
He noted that the productivity of BoI employees had improved considerably, saying, 'We are hardworking and embracing modern work tools for greater efficiency.'
Olaoluwa thanked the bank's development partners, including the Central Bank of Nigeria, the Federal Ministry of Agriculture and Rural Development, the National Automotive Council, and various state governments for their support during the yea