By Providence Obuh
Umuchinemere Pro-credit Micro Finance Bank Enugu (UPMFB) has disbursed N140 million out of the N220 billion Micro Small and Medium Enterprises Fund of the Central Bank of Nigeria (CBN). This is even as the bank paid 16kobo dividend per share to shareholders in its financial year ended December 2014.
The bank further achieved an increase in its earnings, recording 35Kobo earnings per share performance, as contained in the bank’s official annual report approved by the Central Bank of Nigeria, recently released by the bank. Speaking at the 2014 Annual General Meeting, Chairman of the bank, Monsignor Prof Obiora Ike, said that the total assets of the bank increased from N2.099 billion in 2013 to N2.557 billion in 2014.
“UPMFB is participating in the disbursement of the Federal Government’s N220billion special fund for micro, small and medium scale enterprises and has so far disbursed a total of N140million to a total of 447 persons, in partnership with CBN and Enugu State government.
“In implementing the Federal Government’s financial inclusion principle, the bank, as a Faith based financial institution driven by the Church’s mission of economic evangelization and by the pursuit of its goal of empowering the rural dwellers as a tool of reducing poverty in the society, extended its outreach to the autonomous rural communities of Iba Agwa Nike and Ugwogo Nike respectively before the close of 2015. Already, the bank is serving the financial needs of numerous rural communities spread across two of the three senatorial zones of Enugu state,” he said.
Commending the shareholders, for their continued support, goodwill and trust given to the bank in its 20 years of operations, Ike said that the bank was poised to attain greater heights in the days and years ahead, disclosing that the bank intends to step up its promotion of agriculture by increasing its credit facilities to its genuine farmers. Specifically, the 35Kobo performance in earnings per share was a noticeable difference compared to its 2013 earnings of 26Kobo per and 15Kobo dividend payment per share.
In the year under review, the bank made a total net profit of N112,899,521, against N79,172,994 in the previous year, with its shareholders’ fund rising from N599.6million in 2013 to N686million in 2014.
The chief executive officer/Director General of a German entrepreneurship centre, Social Entrepreneurship and Enterprise Development Strategies, Carl Gustav Bjertines, advised the shareholders of the bank to be grateful to the board and management of the bank due to the prudent way they have been managing the bank and taking it to greater heights.
Umuchinemere Pro-credit Micro Finance Bank was established by the Roman Catholic diocese of Enugu in 1995 and celebrated its 20th anniversary during its annual general meeting of 2015.