The Bank of Industry, has disclosed that despite the adverse impacts of the COVID-19 pandemic and the fall of crude oil prices, its 2020 performance showed strength and resilience.<\/p>\n
According to the bank\u2019s chairman, Aliyu Dikko, the group\u2019s total asset grew from 1.04tn naira to 1.86tn naira between 2019 and 2020.<\/p>\n
The chairman who said this at the bank\u2019s 2020 Annual General Meeting held virtually in Abuja added that the 79.1 per cent increase was largely attributed to the successful debt syndications of \u20ac1bn and $1bn that were concluded in March and December 2020 respectively.<\/p>\n
YOU CAN FOLLOW US ON FACEBOOK<\/strong><\/span><\/a><\/p>\n He said that the group\u2019s total equity increased by 15.3 per cent from 293.08bn naira in the previous year to 336.48bn naira in 2020.<\/p>\n Dikko stated that loans and advances, affected by the challenging environment, grew in 2020 by 1.3 per cent to 749.84bn naira from the 2019 position while profit before tax fell by 9.6 per cent to 35.54bn naira as a result of the economic slowdown in the year as well as the various interventions and support initiated by the bank for its customers.<\/p>\n He further stated that in 2020, the bank facilitated the disbursement 2.5bn naira and 1.2bn naira under the N-Power and Government Enterprise and Empowerment Programmes to 300,011 and 109,039 beneficiaries respectively.<\/p>\n Read Also:<\/strong><\/span><\/p>\n More Nigerians Open to Digital Payments, Says Mastercard<\/a><\/strong><\/span><\/p>\n