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Bank of Industry posts N53.4 billion profit in big recovery from pandemic squeeze

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“The 8.2% decline was as a result of the reduction in debt securities and cash balances at the Central Bank of Nigeria as repayments o...

shook off the cost pressures from pandemic lockdowns that depressed its bottom-line by 9.6 per cent in 2020 to record a post-tax profit, which jumped eight times over the previous year, according to the financials of the Abuja-based development bank seen by PREMIUM TIMES.

More than it did the year before, the government-controlled lender earned the bulk of its interest income from investment in debt instruments. But for all that, the coronavirus crisis, although not widely devastating as it was in 2021, still had its reverberations across the balance sheet.

 

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