BOI announces N184.6bn gross earnings in 2021

Bank of Industry has released its audited financial statement for the year ended 31, December 2021, reporting 40 per cent increase in gross earnings from N131.843 billion in 2020 to N184.6 billion in 2021.

From the released statement on the Nigerian Exchange Limited (NGX), profit after tax recorded reveals significant increase of a 69 per cent to N53.417 billion in 2021 from N31.598 billion in 2020.

Also the group declared profit after tax which rose by a 75 per cent from N35.542 billion in 2020 to N62.280 billion in 2021.

The breakdown of the results reveal that the group net operating income increased significantly to a 52 per cent from N63.357 billion in corresponding period of 2020 to N95.951 billion in the previous period.

However, the total operating income grew by a 38 per cent from N76.204 billion in 2020 to N105.05 billion in 2021.

Basic earnings per share recorded for the period appreciated by a 67 per cent from 72 kobo in the 2020 to 43 kobo in 2021.

The group also declared net interest income which rose by a 43 per cent from N 82.789 billion in 2020 to N117.965 billion in 2021.

The total operating expenses recorded for the period under review increased by 21 per cent to N33.670 billion in 2021 from N27.815 billion in 2020.

In the audited results released, Bank of Industry recorded declined in total assets to a 8.1 per cent from N1.863 trillion in 2021 to N1.712 trillion in 2020 audited result and accounts for the period ended 31, December 2020. As total liabilities which also declined by a 13 per cent from N1.527 billion in 2020 to N1.327 billion in 2021.

While, the group retained earnings declared indicates increase of a 40 per cent from N64.617 billion in 2020 to N90.682 billion in 2021.

In addition, the total equity gained a 14 per cent to N384.85 billion in 2021 from N336.5 billion declared in 2020.