NPF Microfincebank Declares 688 Million Naira Profit...Assets Base Stands At 13.67 Billion Naira

Posted By Trace Reporter on 7 August 2016
The Nigerian Police Force (NPF) Microfinance Bank Plc has posted a
 profit before tax of 688 million naira in the current financial year,
 while its total assets base stood at 13.67 billion naira.

 Besides, the officials of the NPF Microfinance Bank declared the
 financial results of the Bank during an Annual General Meeting (AGM)
in Kaduna, saying that the results for the financial year

2015 showed significant growth inspite of the challenges witnessed
 generally by operations in the financial sector during the year.

 Speaking at the occasion, the Chairman of NPF Microfinancebank Plc.
 Retired Deputy Inspector of Police (DIG) Azubuko Joel Udah stated that
 “the profit before tax rose by 11 percent from 617. 5 million naira in
 the year 2014 to 688.9 million naira in 2015”, while “profit after tax
 similarly rose by 7 percent from 477.8 million naira in 2014 to 514.6
 million naira in 2015”.

 According to him, the total deposit profile of the financial
 institution for the period ended 31st December, 2015 stood at 6.610
 billion naira, representing a 37 percent increase over the previous
 year’s figure of 4.803 billion naira.

 Udah also said that meeting that “ the year 2015 was no doubt a
 political and economically significant year for Nigeria”, pointing out
 that “the April general elections which created so much uncertainty
 weighted heavily on the economic climate of the country”.

 He further explained that the year was significant for the banking
 sector “as banks not only had to contend with increasing vulnerability
 of the oil sector, the pleasure on the naira, but also with regulatory
 head winds chief amongst which was the implementation of the Treasury
 Single Account”.

 “This affected system liquidity and saw increase in interbank rate to
 as high as 100 percent in same period of the year”.

 DIG Udah argued that “the Microfinance sector however continued to
 witness a more coordinated effort by government and industry players
 to focus on increasing financial inclusion and ultimately making
 market work better for the poor with the various CBN and Bank of
 Industry interventions funds for on-lending to micro, small and medium
 enterprises attesting to this”.