Shareholders of NPF Micro Finance Bank have approved for payment a total dividend of N114.332 million for the financial year ended December 31, 2018.
The amount translates into five kobo per every share held by investors.
Addressing investors at the bank’s 25th annual general meeting, the Managing Director/Chief Executive Offer, NPF MFB, Mr.Akinwunmi Lawal explained that apart from dividend payment, N81.416 million would be transferred to various reserves as there is a need to conserve money for the future developmental projects.
He also disclosed bank’s plans to do public offering this year to raise additional fund after securing approval of the regulatory authorities, adding that the proceed would be deployed to beef up its working capital, information technology, branch improvement
He expressed optimism that the bank’s long awaited offer would be hugely subscribed since the bank has maintained an unbroken trend of dividend payment for over 20 years.
On the bank’s result he said “The deposit liability moved from N9.126 billion to N10.465 billion showing a growth of 14.67percent which indicated the continued growth of our customer’s trust and confidence in our mission. Our borrowing from various intervention funds increased by 34.08 per cent to N2.078 billion from N1.550 billion and this is accountable for the increase in interest expenses by 34.7 percent.”
The bank’s financial result during the period showed that total asset increased to N17. 597 billion from N15.952 billion recorded in the previous year, representing 10.31 percent increase. The loans and advances improved by 17.59 percent to N10.593 billion in 2018 from N9.008 billion in 2017.
The Chairman, of the bank, rtd DIG, Azubuko Udah, said that the year 2018 marked the end of the three years strategy which commenced in 2016, adding that plans for the next three years, from 2019 to 2021 have been put in place to position the bank to new height in the provision of microfinance services.