A statement by the bank on Monday said the increase was
driven to a large extent by the successful debt syndication of €1bn and $1bn
that were concluded in March and December 2020 respectively.
BoI stated that the group’s financial statement demonstrated
resilience and strength, noting that the period had significant challenges in
the operating environment on account of the impact of COVID-19 pandemic on the
economy.
“It also indicates synergy with the various interventions developed
by the Federal Government, the Central Bank as well as other strategic partners
towards ameliorating the impact of the pandemic on Nigerian enterprises,” the
statement said.
The group’s total equity increased by 14.8 per cent from
N293.08bn in the previous year to N336.48bn in 2020.
It added that as a reflection of the adverse impact of the
challenging operating environment on growth of new facilities, loans and
advances grew marginally in 2020 by 1.3 per cent to N749.84bn from the 2019
position.
The bank explained that this was largely due to the economic
slowdown in the year as well as the various interventions and support initiated
by the bank for its customers.
“The bank reviewed and restructured all its managed projects
under the CBN intervention programme with interest rate reduction from nine to
five per cent per annum for a period of one year and moratorium extension of
three months (with a possible extension up to 12 months),” it said.
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