The Development Bank of Nigeria Plc said it has witnessed an increase in disbursement of loans by 89 per cent from N101.5bn in 2019 to N191.7bn in 2020.

The report of the surge in volume of loans is contained in the recently released 2020 financial report by the development bank.

The Bank said it recorded a growth of four per cent in total assets from N474.7bn in 2019 to N493.5bn in 2020, while outstanding loans increased by 110 per cent from N101.9bn in 2019 to close the year 2020 at N214bn.

This growth according to the bank is in line with its core mandate of facilitating sustainable socio-economic development by improving financial access for MSMEs in Nigeria.

According to the financial report, income from loans also experienced a significant growth by 60 per cent year-on-year from N6.6bn in 2019 to N10.5bn in 2020, while its return on assets stands at 4 per cent and return on equity at 11 per cent for the said year.

The Bank said its earnings remained strong at N34.6bn in spite of the harsh global realities brought about by the COVID-19 pandemic as well as other macroeconomic challenges encountered during the year.

While giving a scorecard on the Bank’s activities and contribution to the Nigerian economy, the Managing Director/Chief Executive Officer, Mr. Tony Okpanachi said the Bank worked through its Participating Financial Institutions to facilitate increased lending to MSMEs, thereby accelerating economic growth.

Okpanachi expressed optimism in the Bank’s capacity to weather the effects of the global pandemic and other challenges.

“We appreciate the full cooperation of our board, management, staff, and other stakeholders as we were able to operate within strict health and safety guidelines, while increasing our reach to our target market.

“By on boarding more Participating Financial Institutions, we were able to deepen financial inclusion for more MSMEs whose businesses were adversely affected by the pandemic, thereby injecting a new lease of life and providing the right environment for their sustained growth.

“We will continue to focus on our core mandate of driving developmental impact.”

Development Bank of Nigeria Plc is a wholesale development finance institution, established by the Federal Government of Nigeria in collaboration with global development partners to address the major financing challenges facing Micro, Small, and Medium Scale Enterprises in Nigeria.