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.

According to the bank’s chairman, Mr. Aliyu Dikko, the group’s total asset grew from N1.04tn to N1.86tn between 2019 and 2020.

The chairman who said this at the bank’s 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 €1bn and $1bn that were concluded in March and December 2020 respectively.

He said that the group’s total equity increased by 15.3 per cent from N293.08bn in the previous year to N336.48bn in 2020.

On the other hand, loans and advances, affected by the challenging environment, grew in 2020 by 1.3 per cent to N749.84bn from the 2019 position. Dikko stated that profit before tax fell by 9.6 per cent to N35.54bn 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.