The Bank of Industry (BOI) has declared a dividend payment of N7.89 billion for the fiscal year 2021.
The Bank of Ireland declares N7.89 billion in dividends to shareholders.
The findings were disclosed by Mallam Aliyu Dikko, Chairman of the Board of Directors, at the bank’s 62nd Annual General Meeting in Abuja.
The Bank stated in a statement that the dividend given to its shareholders, the Ministry of Finance Incorporated and the Central Bank of Nigeria, demonstrated its ability to resist economic headwinds in order to increase income for the Federal Government.
The bank reported an after-tax profit of N52.60 billion in 2021, up from N30.80 billion in 2020, while its profit before tax was N61.15 billion, up 75% from N34.35 billion in 2020.
During the AGM, Mr Olukayode Pitan, managing director/CEO of BoI, stated that the bank’s upward trajectory in performance and results enabled it to attract local and foreign capital in order to fulfill its mandate requirements.
BOI successfully issued a €750 million Eurobond in February to increase its capital base to help its clients and the Nigerian economy’s real sector.
The Bank disbursed a total of N213.63 billion to 30,406 Nigerian firms in the fiscal year under review, marking a 47.3% increase over disbursements in 2020.
The payment for 2021 comprises N2.99 billion to 22,120 farmers via the bank’s Smallholder Farmers on-lending product and N1 billion to 4,000 micro-retailers under the bank’s MSME Distributor Finance Programme.
According to the bank, its actions would generate an estimated 950,640 direct and indirect employment in 2021.
Pitan also emphasized the bank’s ongoing efforts to assist its stakeholders and fulfil its purpose.
“Our commitment to establishing a robust company capable of responding to our customers’ requirements and operational issues is steadfast,” he added.