By Amaka Abayomi

The Chairman of the Nigeria Police Force Microfinance Bank, DIG (rtd) Florence Adebanjo, has disclosed that, despite the harsh operating environment, the fortunes of NPF MFB grew by 77 per cent from N101.8 million in 2009, to N180.7 million in 2010, while it equally commissioned its N220 million head office.

Speaking at its 17th AGM, the chairman, Adebanjo, said that though 2010 was a very challenging year for microfinance operators, the NPF MFB was able to exploit the opportunities within the environment to grow its fortunes.

“Though the sector was not spared the regulators’ spotlights which led to the revocation of licences and liquidation of some MFBs, I am pleased to announce that 2010 was a successsful year for your bank as we made remarkable progress.

“For the financial year ended 31st December 2010, total deposit was N2.39 billion, representing a 41 per cent increase over 2009 N1.69 billion.

“Similarly, profit after tax jumped by77 per cent from N101.8 million in 2009 to N180.7 million in 2010. During the same period, total assets grew by 22.5 per cent, from N5.25 billion in 2009 to N6.43 billion in2010.

“Shareholders Funds rose by 4 per cent to N3.43billion in 2010from N3.30 billion in 2009, while gross earnings increased marginally from N875.2 million in 2009 to N878 million in 2010.”

Adebanjo listed branch expansion and listing of the bank’s shares as some of the bank’s major achievements within the last financial year.

“Looking ahead, NPF MFB is committed to the practice of microfinance as a vehicle of poverty alleviation, empowerment of vulnerable groups, employment generation and sustainable economic development while remaining viable. These will be achieved by employing a more robust and business oriented approach to managing risk in our operations.

“Conscious of the demands and obligations inherent in our new status as the only MFB to be listed on the floor of the Nigerian Stock Exchange, we will continue to ensure best practices in every facet of our operations.”

In respect to the current year, the bank’s directors proposed that a dividend of 5 kobo per ordinary share of 50 kobo each be paid to shareholders after the AGM, and the total estimated dividend to be paid is N114,333 million.

Expressing delight over the achievements of the bank, the initiator of the NPF MFB, AlhajiAliyu Atta, scored the bank 80 per cent and noted that 5 kobo dividend is remarkable as some money deposit banks are paying their shareholders 5 kobo.