By Udo Ibuot
LAGOS—CHAIR-MAN of the Board of NPF Micro-Finance Bank Plc, Deputy Inspector-General of Police, DIG, Florence Adebanjo (rtd), yesterday, assured that despite the difficult operating environment, the bank had created a platform for sustained growth and financial performance.

She said the bank’s strong corporate governance practices, good management and as a well capitalised micro-finance banking had helped to distinguish it in the market place where confidence had been shaken.

DIG Adebanjo, who spoke at the 16th Annual General Meeting of the bank, said that gross earning of N875 million was achieved during the year ending December 31, 2009, while net interest income increased by 20 per cent from N577.5 million to N698.6 million due to efforts to ensure that its funds were efficiently invested at all times.

She noted that strict compliance with stipulations of the Central Bank of Nigeria, CBN, eroded the bank’s profit margin, translating to a provision of N200m or 34.5 per cent lower than the previous year’s provision for loans and other assets impairments, including short term investments.

Adebanjo who said the bank’s profit before tax was N136 million while profit after taxation stood at N101million, noted that total assets increased from N4.9bn in 2008 to N5.2bn in the period under review, while total liabilities decreased by 47 per cent from N3.6bn in 2008 to N1.9bn in 2009.

The chairman added that the bank’s branch network had increased in line with its organic growth strategy, adding that it now had branches in Benin, Oshogbo, Sokoto, Kano, Onitsha, Ikeja, Abuja and Port Harcourt.