Bank of Industry exceeds N1 trillion asset base

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Nigeria’s oldest, largest and the most successful Development Finance Institution, the Bank of Industry, has recently exceeded N1 trillion in asset base. But he may just have raised the bar of expectations for the bank.

The group’s profit was over N36 billion. For a bank that is owned basically by government, it is a very good result. The bank’s chairman, Aliyu Dikko, detailed the achievements of the bank in the impressive year under review as follows:

· A 30 per cent increase of N36.7 billion profit before tax, compared to the N26.4 billion made in 2017

· Award of N2 billion dividend to shareholders

· Growth of the Group’s total assets by 49 per cent to N1.07 trillion from N713.3 billion in 2017, as well as improvement in total equity which increased by 12.5 per cent year-on-year to N258.3 billion from N241 billion in the previous year,

· Achievement of 130 per cent growth on a year-on-year basis with respect to the disbursement of new loans of N259.6 billion in 2018 with N33.9 billion of the figure going to SMEs while the balance was deployed to support large enterprises.

The achievement is as a result of collective efforts of the board, management and staff of the company, as well as his predecessors and the parent ministry, the Ministry of Industry, Trade and Investment with which it has a harmonious relationship.

Also key on the list of achievements is a strong industrial harmony in the company. One senior staff member of the company describes Pitan as “an engaging and peaceful man, traits which are the hallmarks of his management style.”

In recognition of the bank’s achievements under Pitan, the International Bankers Magazine recently conferred on it the Best Development Bank Award.

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