At a time when other institutions in its class are either closing shop or struggling to break even, the Nigeria Police Force (NPF) Micro Finance Bank (MFB) Plc is recording successes, growing its gross income by 126 percent in four years.
In 2012, the bank’s gross income stood at N1,917,183.00 up from N849,232.00 in 2008 while its total asset value within the same period was N7,790,984.00 up from N4,973,983.00 in 2008.
Within the same period, the bank paid a total of N228,666.00 as dividend to its shareholders, and as a socially responsible corporate citizen, it paid a total of N154, 692.00 as tax to the government.
Jude Ohanehi, the bank’s Chief Finance Officer, who disclosed these at their shareholders forum in Lagos at the weekend, also announced a 10 kobo dividend pay-out for the shareholders in 2013, pointing out that the bank has been performing well even during the global economic meltdown.
The chairman of the bank, Florence Adebayo, in her welcome address, attributed the bank’s brilliant performance to its resilience, dynamism and consistency, explaining that through all these, it has been able to raise its share capital, respond to changes in government’s macro-economic policies, and make returns on shareholders’ investment.
In their response, the shareholders hailed the 10 kobo dividend payment approved by the board, noting that the bank has out-paid and out-performed its peers in Nigeria’s financial system.
They also commended the board, saying it havd done well, especially in growing the deposit base of the bank, and also implored the management of the bank to remove every barrier to accessing loans from the bank by the shareholders.
The shareholders urged the management to increase the bank’s branch network to give it an even spread that reflects its ownership structure, requesting a rights issue and bonus offer from them.
From a humble beginning in 1993 when it opened for business, NPF MFB has witnessed phenomenal growth in every aspect of its operations, ranging from its share capital, deposit base and staff strength, to its branch network.
The bank which started out as a private limited liability company, converted to a public liability company in 2006 as a community bank. In 2007, it converted to a micro finance bank, and listed on the Nigeria Stock Exchange in 2010.
The bank has increased its authorised share capital from only N500,000.00 in 1993 to N2 billion as at October 2007; increased its staff strength from 10 at inception to 271 employees, and opened 13 branches at different locations across the country.