MICROCAPITAL STORY: Nigeria Police Force Microfinance Bank Announces N943m in Earnings and Declares N146m Dividend

The Nigeria Police Force Microfinance Bank Plc (NPFMB), posted gross earnings of N943m, approximately USD 8 million, representing 48 percent growth over last year’s earnings. Total assets increased by 8.4 percent to N4.6 billion, or USD 39.5 million and loans and advances grew by 12.8 percent. The bank announced a dividend of N146 million, or USD 1.24 million, representing 51 percent of after tax profit.

Chairman Rachael Iyamabo stated that, “Due to prudent management of the bank’s resources, profit after tax grew by 73.2 percent…while shareholders’ funds rose 73.8 percent. Also speaking at the event, the Managing Director of the bank, Mr. Mohammed Hassan, said NPF Microfinance bank had done very well since it transformed from a community bank to a microflnance bank, adding that, “we owe the success of the bank to the support of our shareholders, the board, management, staff and customers.”

Microcapital was unable to find any background information on Nigeria Police Force Microfinance Bank Plc.

By Iyanna Holmes, Research Assistant

Additional Resources:

The Punch: NPF Microfinance Bank to Pay N146m Dividend

Vanguard: NPF Micro Finance Bank Posts N943m Turnover