The NPF Microfinance Bank has released its Q1 2023 financial results, reporting a 171.5% surge in profit to N645.94 million from N242.79 million in the same period in 2022. Gross earnings also grew by 62.79% to N2.28 billion from N1.47 billion. The bank’s revenue was significantly contributed to by net interest income at N1.86 billion, with fee and commission income at N159.04 million. The interest income breakdown shows loans and advances rising to N2.052 billion from N1.26 billion, and treasury bills investment increasing to N29.53 million from N18.09 million. The bank’s assets increased by 24.90% to N43.09 billion during the review period, while total liabilities rose to N31.22 billion from N23.92 billion, marking a 30.53% increase.
Recall that the bank obtained shareholders’ approval to raise capital to convert into a commercial bank.
The approval was given at the 29th Annual General Meeting of the financial institution which was held in June.
We can confirm that shareholders of the bank voted in favor of increasing the share capital by the number of shares necessary to meet the regulatory requirements for transition into a Deposit Money Bank.
“Due to the transition, the Memorandum of Association of the bank will be amended to reflect changes in the share capital as a result of the capital raise and allotment process,” the Directors of the bank informed the shareholders at the AGM.
Also at the AGM, the shareholders approved the proposed dividend of 10k per ordinary share of 50k by the directors for the year ended December 31, 2022.
