The Nigerian Police Force Micro Finance Bank Plc has declared its intention to list its ordinary shares on the Nigerian Stock Exchange. The Chairman of the bank, Mrs. Florence Adebanjo, said the bank stood to gain significantly by listing its shares on the floor of the exchange, adding that....
it would consolidate its position in the industry.
The NPF MFB also declared an increase in profit after tax, from N59.2m in 2008 to N101.9m in 2009.
The chairman disclosed this during the institution’s 16th Annual General Meeting in Lagos on Thursday.
She said, “In spite of the challenges in the operating environment, coupled with the resultant effects of the development in the industry, our strong commitment to our corporate vision, added to the support of stakeholders, created a credible platform for the bank’s outreach, sustained growth and financial performance.”
The NPF boss said that the company would reward shareholders with a dividend of five kobo per ordinary share of N1, amounting to N57.17.
This, she said was 37 per cent higher than the 10kobo per share paid last year on 417.2units of shares.
She said that the bank achieved gross earnings of N875.2m in 2009, 7.82 per cent higher than the previous year’s figure of N811.7m.
NPF’s net income, she said, rose by 20. 97 per cent, from N577.5m to N698.6m, while operating expenses increased by 22.93 per cent, from N410m in 2008 to N504m in 2009.
She, however, explained that strict compliance with the Central Bank of Nigeria’s requirements resulted in a provision of N200m for loans and other asset impairments, inclusive of short-term investments, adding that the figure was 38.49 per cent lower than last year‘s figure.
The chairman said that the total asset of the bank increased by 6.12 per cent, from N4.9bn in 2008 to N5.2bn in the year under review.
Total liabilities, she added, decreased by 47.22 per cent, from N3.6n in 2008 to N1.9bn in 2009.
According to her, shareholders fund stood at N3.3bn, an increase of 153.85 per cent over N1.3bn recorded in 2008.
The Punch.
it would consolidate its position in the industry.The NPF MFB also declared an increase in profit after tax, from N59.2m in 2008 to N101.9m in 2009.
The chairman disclosed this during the institution’s 16th Annual General Meeting in Lagos on Thursday.
She said, “In spite of the challenges in the operating environment, coupled with the resultant effects of the development in the industry, our strong commitment to our corporate vision, added to the support of stakeholders, created a credible platform for the bank’s outreach, sustained growth and financial performance.”
The NPF boss said that the company would reward shareholders with a dividend of five kobo per ordinary share of N1, amounting to N57.17.
This, she said was 37 per cent higher than the 10kobo per share paid last year on 417.2units of shares.
She said that the bank achieved gross earnings of N875.2m in 2009, 7.82 per cent higher than the previous year’s figure of N811.7m.
NPF’s net income, she said, rose by 20. 97 per cent, from N577.5m to N698.6m, while operating expenses increased by 22.93 per cent, from N410m in 2008 to N504m in 2009.
She, however, explained that strict compliance with the Central Bank of Nigeria’s requirements resulted in a provision of N200m for loans and other asset impairments, inclusive of short-term investments, adding that the figure was 38.49 per cent lower than last year‘s figure.
The chairman said that the total asset of the bank increased by 6.12 per cent, from N4.9bn in 2008 to N5.2bn in the year under review.
Total liabilities, she added, decreased by 47.22 per cent, from N3.6n in 2008 to N1.9bn in 2009.
According to her, shareholders fund stood at N3.3bn, an increase of 153.85 per cent over N1.3bn recorded in 2008.
The Punch.
NPF Microfinance Bank wants to be listed on NSE
Reviewed by Akan Bassey Michael
on
9:39 AM
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Reviewed by Akan Bassey Michael
on
9:39 AM
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