Chairman, Board of Directors Nasarawa Microfinance Bank, NMFB, Alhaji Isa Ahmed said the bank has recorded a profit after tax of N23.9 billion at the end of 2014, representing a 100 per cent growth compared to N11.9 billion for the same period in 2013.
The bank also saw its shareholders’ funds grew by 11 per cent to N195 billion in 2014 in the year under review.
Addressing shareholders’ at the bank’s Annual General Meeting, AGM, recently in Nasarawa, the chairman of the board of directors, Isa Ahmed, explained that the bank recorded a gross income of N102.6 billion during the year under review as against N84 billion in the previous year.
He said that the bank deserved commendation given that these leaps were recorded under a financial year characterised by meltdown in global oil price, which plummeted from about $115 per barrel to $50.
In recognition of this feat, he said that the bank has recommended a dividend of 13 kobo only per share, pledging that there would be improvement on this in the next business year.
According to him, this gesture is in line with the bank’s efforts at keeping its promise of delivering consistent returns to its shareholders.
Commenting on the future of the bank, Ahmed said that the improvements made by the bank in 2014 was a major highlight as the bank made moves to take its message of brighter future to prospective clients in other local government councils, LGCs, of Nasarawa State.
He said that the expansion of the bank’s operations to other LGCs would expand the bank’s contribution to financial inclusion and provide them with micro-finance and related financial services.
He explained, “All arrangements have been concluded to commence our branch operations in two local government’s councils with take-off date of January 2, 2016 by opening branches in Lafia and Toto following approvals obtained from the Central Bank of Nigeria, CBN.
He added, “It is hoped that within five years, NMFB would have established not only branches state wide but growing its retail services channels through Cash Centres, Agents, ATMs and POS machines.”

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