NPF Microfinance Bank proposes 12 kobo dividend as PBT rises by 21.90%

NPF Microfinance Bank Plc has recommended dividend of 12 kobo per share for the year ended December 31, 2023 (December 31, 2022: 10 kobo).

This was disclosed in the recently released annual report and financial statements of NPF Microfinance Bank Plc for the year ended December 31, 2023.

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The financial statement at the Nigerian Exchange Limited (NGX) shows that NPF Microfinance Bank Plc profit before tax (PBT) grew by 21.90 percent to N1.614billion in 2023, from N1.324billion in 2022, while profit after tax (PAT) rose by 15.5 percent to N1.019billion in 2023, from N882.168million in 2022. Gross earnings printed higher at N10.3billion from N7.153billion in 2023, representing an increase by 44.1 percent.

Its basic and diluted earnings per share increased to 17 kobo in 2023 from 15 kobo in 2022.

The proposed dividend which is subject to approval at the company’s Annual General Meeting (AGM) will be paid to shareholders subject to withholding tax.

According to the register of members, the shareholders of the bank that held more than 5 percent of the issued ordinary share capital of the company as at December 31, 2023 are: Nigeria Police Co-operative Society Limited (3,761,322,655 units or 62.76 percent as against 4,035,879,917 units in year 2022 or 67.34 percent); and NPF Welfare Insurance Scheme (936,149,939 units or 15.62 percent, same as 936,149,939 units or 15.62 percent held in 2022).

In line with the Nigeria Exchange Limited (NGX) rules on the requirement for all listed companies to maintain a minimum free float of 20 percent, the issued share capital of the bank in free float is 17 percent as at December 31, 2023 (December 31, 2022: 16 percent).

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The principal activity of NPF Microfinance Bank Plc is the provision of banking and other permissible financial services to poor and low-income households and micro enterprises with emphasis on members of the Nigerian Police Community. Such services include retail banking, loans and advances and other allied services.