Mohammed Shosanya
17 November 2008
Lagos — The Bank of Industry (BOI) has announced an increase of 338.65 percent representing N43.25 billion on the value of its fresh loans and investments in June this year.
The value of such loans and investments as at December 2005 was N9.8billion.The Bank explained that its exponential growth was propelled by its launch of Paradigm Shift Initiative two and half years ago.
According to a statement, the percentage of the bank's annual lending to Small and Medium Scale Enterprises increased to 92 percent by June 2008 from 35 percent in 2005,while its Portofolio At Risk(PAR) declined from 65 percent in 2005 to 10.67 percent by December 2007.
It said the bank's Profit Before Tax(PBT) grew by 1,995.23percent from N105 million as at December 2005 to N2.2billion by December 2007.
It said the bank's cumulative direct and indirect jobs have been projected to reach at least 600,000 by December 2008.
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