The Auchi Microfinance Bank says it shareholdre’s fund increased to N290million in 2020 as against N223million in 2019 financial fiscal year.
Mr Hassan Momodu, the Chairman of the bank disclosed this yesterday at the 24th Annual General Meeting (AGM) of the bank in Auchi, the administrative headquarters of Etsako West Local government.
Mr. Momodu said that the shareholders fund shows an increase of 30 per cent improvement of the fund.
He said that the gross earnings during 2020 stood at N150 million as against N143 million in 2019 audited account.
He added that profit before tax in 2020 is N71 million despite the covid-19 pandemic as against N52 million for the year 2019.
According to him, earnings per share of the bank is 75k while return on investment was 20 per cent in 2020 fiscal year.
The chairman said the bank declared 10k per share and a bonus of 6 units of shares for every 100 shares for the year 2020.
He further disclosed that the bank had N250 million units of share available with Right Issues for sales, adding the idea is to further expend its business and invest more in technology
Mr. Momodu said the bank is partnering with Small, Medium Enterprises Development Agency of Nigeria-One Local Government One Product (SMEDAN-OLOP) to serve as disbursement managers by giving interest free loans and grants to develop one agricultural product in Edo and Delta states.
“Our bank is hoping in subsequent years to also partner with world renowned NGO’s such as IMPPPACT Global Alliance that are involved in grassroots social-economic development programmes.
“This will greatly impact on social-economic activities in our immediate environment,” he said.
He urged the customers and shareholders to continue to invest so that they can get more dividend in return of their money.
While assuring them that their investment will not be in vain. “Our dear shareholders, we will continue to focus on those areas that will provide great opportunities for business growth and easy access for our customers to obtain loans and services.
“Our bank shall continually be the focal point for grassroot development and a source of positive reference to other institutions to emulate.
“We will maintain our mission to provide innovative, sustainable, profitable and ethical financial services tailored to the grassroots and to ensure empowerment of every economic active man and woman and low income earners to ultimately grow economically empowered population.