Accion Microfinance Bank Limited said it recorded 60 per cent growth in its 2014 financial year, compared to the previous year. Also shareholders of the bank unanimously endorsed a 10kobo dividend per share payout declared by the directors.
These were disclosed at the bank’s annual general meeting held in Lagos at the weekend.
The Chairman of Accion Microfinance Bank, Mr. Patrick Akinwuntan, while speaking on the achievements of the bank in the year under review said: “In this environment, Accion Microfinance Bank’s key performance indicators remained positive and commendable as our active borrowers grew by 58 per cent from 21,654 in 2013 to 34,245 in December 2014. Our accounts base increased by 19 per cent from 123,076 to 146, 578 accounts in 2014 while number of savers grew by 36 per cent from 63,845 in 2013 to 86,655 in December 2014.”
On major achievements of the bank, he said: “The bank made a profit after tax of N622.555 million at the end of 2014 representing a 60 per cent growth compared to the same period in 2013. Shareholders’ funds grew to N2.6 billion in 2014 from N2 billion in 2013 representing a 27 per cent. growth.
“Compared to December 2013, our total loan portfolio grew by 3I per cent from N3.018 billion in 2013 to N4.028 billion in December 2014. Total loans disbursed grew by 26 per cent from N7.4 billion in 2013 to N10.3 billion in 2014, with total loans disbursed from inception to date closing at N31.7 billion at the end of December 2014.”
On Future outlook he said the bank would commence on its 5-year Strategic Plan 2015-2019 to expand geographically in Nigeria with a variety of retail channels whilst improving operational efficiency through technology.
He added: “With our national license, we are set to explore establishment of far reaching financial inclusion programmes for micro-entrepreneurs and low income earners, not just in Lagos, but in at least 10 States of the Federation and Abuja. We have identified Port Harcourt in Rivers State as an initial location for the establishment of our first branch outside of Lagos State and recruitment in currently ongoing to staff that branch. It is our intention that within five years Accion Microfinance Bank will have established not only additional branches but growing its retail service channels through cash centres, agents and ATMs and PoS machines.”
Also speaking at the AGM, the Managing Director, Accion Bank, Mrs.Bunmi Lawson exolained that at the end of 2014, Accion Microfinance Bank increased its operational branch network from 19 in 2013 to 23 in Lagos State.
She further revealed that during the period, a total of N10.33 billion was disbursed in loans bringing the accumulated loan disbursement from inception to N32.79 billion.
“This indicates a growth of 46 per cent when compared to N22 billion in 2013. In the same vein, cumulative number of loan disbursed closed at 162,988 from 113,741 in 2013 indicating an increase of 43 per cent. Active clients at the end of the year closed at 34,523 indicating a growth of 57 per cent compared to 21,997 in 2013. Total active portfolio during the period closed at N4.22 billion compared to N3.142 billion in 2013.”
SOURCE: This Day Live (Nigeria)
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