ACCION Microfinance Bank Limited of Nigeria has reported an after-tax profit of NGN 75.92 million or the equivalent of USD 500,000 for the period ended December 31, 2009, compared to a reported loss of NGN 67.47 million or the equivalent of USD 400,000 for the year ended December 31, 2008.
Additionally, the bank reported a 72 percent increase in gross earnings of NGN 290.96 million or the equivalent of USD 4.5 million and pretax profit of NGN 106.65 million or the equivalent of USD 700,000 as of December 31, 2009. Total assets at December 31, 2008 were USD 9.9 million.
At the fourth annual general meeting of the bank, the chairman of the bank Mr Patrick Akinwuntan said,”For the first time, after the initial set up and roll out phase, the bank achieved profitability. This is a turning point in the growth of the bank.” [1]
By Jennifer Shevock, Research Associate
About ACCION Microfinance Bank Limited (Nigeria):
ACCION Microfinance Bank Limited, a partner of U.S.-based nonprofit ACCION International, was incorporated in May 2006 to conduct microbanking business in Nigeria and was granted an operating license by the Central Bank of Nigeria in April 2007. Its mission is providing microfinance services to economically empower microentrepreneurs and low-income earners in an ethical and profitable manner. Total assets at December 31, 2008 were USD 9.9 million.
About ACCION International:
ACCION International is a private, U.S.-based nonprofit organization with the mission of giving people the financial tools necessary for poverty alleviation, such as microenterprise loans, business training and other financial services. ACCION was founded in 1961 and issued its first microloan in 1973 in Brazil. ACCION’s partner microfinance institutions today are providing loans as low as USD 50 to poor men and women entrepreneurs in 23 countries in Latin America, Asia, Africa and the United States. In the last decade, ACCION partners have disbursed more than 28.5 million loans totaling USD 23.4 billion; 97 percent of the loans have been repaid.
Sources and Additional Resources:
[1] “Accion Bank Post N75.92m Profit” June 18, 2010. http://microfinanceafrica.net/news/accion-microfinance-bank-posts-n75-92m-profit/
MICROCAPITAL UNIVERSE: ACCION Microfinance Bank Limited: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=Accion+Microfinance+Bank+Limited
MICROCAPITAL UNIVERSE: ACCION International: https://www.microcapital.org/microfinanceuniverse/tiki-index.php?page=ACCION+International
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