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Bank of Industry Disburses N8b to SMEs

By Modupe Gbadeyanka

The sum of N8 billion was disbursed to Small and Medium Enterprises (SMEs) across the country in the year 2016, the Bank of Industry (BoI) has disclosed. This showed an increase by 42 percent from what was disbursed a year earlier, N5.7 billion.

During the year too, the bank recorded a profit before tax of N17 billion in 2016 compared with N11.9 billion in 2015, indicating a 44 per cent increase, while its loans and advances jumped to N171 billion in 2016 from N156 billion in 2015, representing 10 percent rise.

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A statement issued by BoI in Lagos further said its risk assets improved phenomenally with a reduction in the ratio of non-performing loans to 3.72 percent in 2016 from 5.87 percent in 2015.

Commenting on the bank’s performance in the year, its Acting Managing Director, Mr Waheed Olagunju, described last year as the best in the financial institution’s history despite the challenging environment.

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He said the growth was as a result of strong commitment, professionalism and strict adherence to global best practices.

Mr Olagunju assured stakeholders of a very bright and positive financial year in 2017, noting that its financial operations in first quarter of 2017 indicated that the bank performed brilliantly and profitably against the first quarter in 2016.

“We are delighted that the country and the various constituencies we serve continue to appreciate the bank’s contributions to development in Nigeria which is also coming from such a prestigious and reputable professional body ICAN).

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“This will have a very positive effect on us as we are going to be challenged to do more for the development of Nigeria,” he said.

According to him, Moody’s assigned BoI Aa1 in 2016 up from Ba3 of 2015, Agusto’s rating of AA- in 2016 was higher than A+ of 2015; while the AA+ assigned by Fitch in 2015 was affirmed in 2016.

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Modupe Gbadeyanka is a fast-rising journalist with Business Post Nigeria. Her passion for journalism is amazing. She is willing to learn more with a view to becoming one of the best pen-pushers in Nigeria. Her role models are the duo of CNN's Richard Quest and Christiane Amanpour.

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