NPF Microfinance Bank’s Assets Rise To N10b | Independent Newspapers Limited
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NPF Microfinance Bank’s Assets Rise To N10b

Posted: Aug 2, 2015 at 5:07 pm   /   by   /   comments (0)

By Ejikeme Omenazu, Lagos

THE total assets of the NPF Microfinance Bank Plc has risen astronomically to N10 billion, an increase of 20 per cent compared to its performance in 2013.

The bank, which is one of the few microfinance banks in the country listed on the Nigerian Stock Exchange, also declared a dividend of 15 kobo per share for the year ended December 31, 2014, surpassing the previous year 50 per cent.

Addressing the shareholders during the company’s 21st Annual General Meeting in Lagos at the weekend, the bank’s Acting Chairman, Usman Isa Baba, disclosed that the total earning of the bank increased from N1.9 billion in 2013 to N2.1 billion in 2014,  while credit to customers grew from N5.5 billion to N6.5 billion in the 2014.

He told the happy shareholders that the bank’s profit before tax stands at N617-5 million.

He commended the bank’s former chairperson, Mrs. Florence Adebanjo, a retired Deputy Inspector General of Police (DIG), who quit the board in November 2014 after serving the bank meritoriously for nine years, adding that, “Mrs. Adebanjo contributed immensely to the development and growth of the bank”.

The shareholders, who spoke at the event, commended the management for expanding the bank to 15 states of the federation and for prudent management of their investment.

The Managing Director, Akinwumi Lawal, told the shareholders that despite the turbulent economic challenges in 2014, the management was able to navigate the bank to a very sound and strong financial position.

He told the shareholders that the bank was one of the quoted companies in the Nigerian Stock Exchange (NSE) that outperformed the composite stock exchange index in 2014.

“We shall continue to delight our investors despite the undulating financial landscape,” he pledged.