The NPF Microfinance Bank Plc increased its Profit After Tax (PAT) by 14% from N554.9m in 2016 to N631.89m in the financial year ended December 31, 2017.
The bank also intends to notify the capital market of its plan to do a public offer after due diligence on the financial landscape, bearing in mind the long tenor nature of capital market investment.
It also said there are plans to cushion the effect of tough economy and reduce the excruciating pain involved in doing business in the country.
Speaking at the 24th Annual General Meeting in Kano, the Managing Director/CEO, NPF MfB, Mr. Akin Lawal, said in spite of the recessional period in the greater part of 2017, coupled with an unstable economy, the bank’s turnover improved by 25% in the year under review.
He said the bank’s operating expenses increased by 32% from N1.898bn in 2016 to N2.516bn in 2017 due to increased inflationary costs, increased number of staff and branches, rising costs and assets maintenance due to age.
Lawal said the bank’s profit before tax marginally increased from N803.4m in 2016 to N819.8m in 2017 as a result of the full cost of the 10 branches opened in 2016, adding that the management had put in a lot of plans to curtail the rising cost effect and optimize services.