Auchi MFB total assets hit N576.6m in 2015

In spite of the current economic recession in the country, the management of Auchi Microfinance Bank Limited said its total assets hit N576.625 million in 2015 representing 9.6 percent against N525.9 million recorded in 2014 represented at 4.7 percent.

Hassan Momodu, chairman, board of director of the financial institution made the disclosure at the 19th Annual General Meeting of the bank in Auchi at the weekend.

Momodu also disclosed that the shareholders’ fund of the bank grew to N143.735 million in 2015 representing 9.8 percent from N130.872 million in 2014 financial year.

He, however, added that the net profit after tax of the institution’s in 2015 stood at N19.199 million as against N35.263 million for the same period in 2014.

He said the decrease in the net profit before tax represented N16.064 million and 45.55 percent decrease.

The chairman informed the shareholders that the bank posted a gross income of N122.689 million as against N119.993 million in 2014 representing a marginal growth of 2.2 percent.

Momodu posited that the bank’s interest expenses for the period under review stood at N6.801 million as against N5.438 million in 2014 that resulted to 25.1 percent interest.

The bank, however, declared cash dividend of 5 kobo per share and seven units of shares for every hundred shares held.

He explained that the bank’s return on equity was 12 percent and earning per shares was 26.37 percent, while total dividend payout ratio was 56.52 percent, cash dividend pay ratio was 26.37 percent and script dividends was 30.14 percent.

 

IDRIS UMAR MOMOH