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Auchi Microfinance Bank shareholders’ fund hits N223m

Auchi Microfinance Bank shareholders’ fund hits N223m

The management of Auchi Microfinance Bank (AMFB) has said that its shareholders’ fund has increased to N223 million in the 2019 financial year as against N173.3million recorded in 2018.

Hassan Momodu, chairman of the financial institution, disclosed this at its 22nd and 23rd joint annual general meetings of the bank in Auchi, Edo State.

Momodu said the increase in the fund in the period under review represented a 29 percent improvement on the fund.

He also disclosed that the bank’s gross earnings within the period was N143.8million as against N131.1million in the 2018 financial year.

He added that the 2019 financial year’s profit before tax was N52.8million as against N11.125 million in 2018 while profit after tax was N49.706million in 2019 and N12.1million in 2018.

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The bank’s chairman further added that earnings per share of the bank was 48 kobo while return on investment was 17 percent in the 2019 financial year.

While assuring that the bank remains committed to its policy of declaring dividends and bonuses, he added that the board proposed dividends of seven kobo per share for the year which translates to N9million.

According to him, the bank remains committed to her policy of declaring dividends and bonuses. To this end, the board has proposed a bonus issue of 9 units of shares for every 100 shares held and a dividend of seven kobo per share held for the year under review.

The board chairman, who decried the high debt profile of the bank, called on the debtors to pay off their debts.

“We are using this medium to appeal passionately to our shareholders and the general public that are indebted to us to pay up to reduce our yearly provisioning and improve our profitability”, he said.