Auchi Microfinance Bank groans under high customers debt profiles

By DADA AYOKHAI 

The management of Auchi Microfinance Bank (AMFB), yesterday, decried the high indebtedness of customers to the bank just as it urges customers to pay up in order to remain in business.

Chairman of the financial institution, Hassan Momodu, expressed his resentment at its 22nd and 23rd joint annual general meetings of the bank in Auchi, Edo 


According to him "We are using this medium to appeal passionately to our shareholders and the general public that are indebted to us to pay up to reduce our yearly provisioning and improve our profitability”, 

Momodu also said that the increase in the fund in the period under review represented a 29 percent improvement on the fund.

He maintained that the bank’s gross earnings within the period was N143.8million as against N131.1million in the 2018 financial year.

The financial boss went further to say that the 2019 financial year’s profit before tax was N52.8million as against N11.125 million in 2018 while profit after tax was N49.706million in 2019 and N12.1million in 2018.

The bank’s chairman further added that earnings per share of the bank was 48 kobo while return on investment was 17 percent in the 2019 financial year.

While promising that the bank remains committed to its policy of declaring dividends and bonuses, he added that the board proposed dividends of seven kobo per share for the year which translates to N9million.

According to him, the bank remains committed to her policy of declaring dividends and bonuses. To this end, the board has proposed a bonus issue of 9 units of shares for every 100 shares held and a dividend of seven kobo per share held for the year under review.

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