Accion Microfinance Bank (MfB) has declared N6.96 billion gross earnings for the financial year ended December 31, 2022, indicating an increase of 25 percent from N5.55 billion reported in 2021.
The bank also recorded N1.55 billion profit before tax, an increase of 45 percent on the prior year’s profit of N1.07 billion, despite the harsh macroeconomic conditions witnessed in the year under review.
Accion MfB’s total loan value disbursed increased by 27.8 percent to N36.7 billion in 2022 from N29.4 billion in 2021, driven by improvement in deposits, both in unique saver count and value.
Similarly, deposit value increased from N3.8 billion in 2021 to N4.5 billion in 2022, while total assets increased by three percent to N15.15 billion in 2022 from N14.72 billion in 2021.
Shareholders equally gave approval for the management’s 75 percent increase in dividend payout at the 17th Annual General Meeting (AGM) held in Lagos.
The shareholders approved N0.35kobo per share on the issued and fully paid share capital of 1,207,407,700 ordinary shares of N1 each as against N0.20 per share paid in 2021.
“We continue to maintain a high level of integrity, professionalism, and transparency in all our dealings. As a result, we have earned the trust and loyalty of our customers. Indeed, this has been the foundation of our success,” Adenike Laoye, Board Chair, Accion MfB said.
According to her, Accion continually strives to provide innovative and customer-centric financial solutions that cater to the diverse needs of its customers. “We have also leveraged new technologies, developed new products and services to ensure our core objective of making it easier for the people we serve to access financial support, much faster, and more convenient,” Laoye said.
According to her, Accion will continue with the implementation of its new business model with a focus on improving operational efficiency and increased focus on digital transformation.
“The new business model is designed to leverage predominantly on the digital maturity of branches, high tech and low touch which will ensure continuous operations despite environmental challenges,” she said.
Laoye said further that the board and management are excited about the opportunities that lie ahead despite potential headwinds, maintaining that the board is resolute in delivering digital products and services to its customers.
“As we navigate through this challenging economic period, we will continue to deliver on our promise to empower our various customers through both our traditional and digital products and services.
“To achieve this objective, we will focus on deepening financial inclusion by expanding our agency network and ensuring stability on our various digital channels,” Laoye said.
Taiwo Joda, managing director, Accion MfB, said the bank enhanced its growth prospects and delivered market share accretion and profitability during the year resulting in a better outing when compared to 2021.
He equally disclosed that management is putting everything in place to have a better outing in 2023, just as the MfB is to focus on delivering on its set targets for the year.
“With the gradual rebound in economic activities both globally and locally, we navigated the challenging economic landscape successfully; identified the inherent opportunities, and implemented strategic initiatives that yielded significant improvements in customer experience,” Joda said.