BusinessDay

Anambra Catholic microfinance bank posts N213m profit for 2019

Oluchukwu Microfinance Bank Ltd., Onitsha in Anambra state has posted a profit after tax of N213, 122, 165 for the period ended Dec. 31, 2019.

The total deposit of the bank, owned by the Onitsha Catholic Archdiocese equally grew by 12.4 percent from N3, 292,030,831 in 2018 to N3,697,601, 690 in 2019.

Speaking at its Annual General Meeting (AGM) and the celebration of its 20th anniversary, chairman of the board of directors, Ikem Osanakpo said further that for the year ended December 2019 a total of N32, 122, 516, 32, at 12 Kobo per ordinary share of N1 each was recommended for shareholders.

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He said that the number of microfinance banks in the country as of the year ended December 2019 was 991 compared with 885 recorded in 2018.

This comprised of 10 national, 135 state and 766 unit MFBs. Total assets and liabilities of MFBs were N496.86 billion at the end of December 2019, compared with N421. 95 billion at end December 2018.”

He expressed satisfaction with the appointment of Chief Victor Ibemesi as the non-executive independent director adding that he is an experienced certified accountant of the Association of National Accountants. Nigeria (ANAN).

The highlight of the occasion was the presentation of prizes to hardworking staff and customers.

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