By  PROVIDENCE OBUH

…as shareholders get 3kobo dividend
Umuchinemere Pro-credit Micro Finance Bank (UPMFB) Limited has recorded balance sheet size of  N1.8 billion for its operating year ended December 31st 2011. This represents a 23.83 per cent growth when compared with the size in the previous year.

Also the bank’s  total deposit grew by  27.34 per cent to N1.35 billion with a capital adequacy performance ratio of 59.19 percent in 2012, compared to a regulatory minimum of 10 percent.

As a result  the Enugu based State micro finance bank paid  three kobo dividend per share to its shareholders for the 2011 financial year ended.

According to a statement signed by the Media Relations Manager of the bank, Mr. Abuchi Anueyiagu, “Nigeria Deposit Insurance Corporation (NDIC) report of April 2012 confirmed that UPMFB was adequately capitalized for its operation.”

Speaking during the 16th Annual General Meeting (AGM) of the bank, held in Enugu, Chairman of the bank, Prof. Obiora Ike explained that the three kobo dividend was necessitated by the need to consolidate the bank’s asset base and satisfy the interest of its shareholders, while promising an improved dividend/bonus in the coming year.

Ike hinted that the bank delivered a strong risk ratio, which provided a strong platform for exceptional performance in 2012, saying “Our capital adequacy ratio was over 59.19 per cent, compared to a regulatory minimum of 10 per cent. Average liquidity ratio was 99 per cent compared to a regulatory prescribed minimum ratio of 20 per cent.”

Following the CBN revised microfinance policy framework, the chairman who is also a Roman Catholic prelate informed the shareholders that the bank now operate as a state microfinance bank, following the CBN approval of its upgrading from a unit microfinance bank to a state microfinance bank with a fully paid share capital of N274, 266,570 as at 2011 ended and shareholders’ fund of N618, 902,164 as at date.

According to him, “UPMFB is committed to making life meaningful for the active poor and had a statistical data of over 55,000 customers spreading across all strata of the society.”