The Chairman Auchi Microfinance Bank, Mr. Hassan Momodu has said that the shareholder’s fund increased to N223 million in 2019 with 29 per cent improvement fund as against N173 Million in 2018.
Mr. Momodu disclosed this yesterday in Auchi, the administrative headquarters of Etsako West Local Government Area, during the bank’s 22nd/23rd Annual General Meeting (AGM).
The Chairman said that the gross earnings during the year stood at N143 million as against N131 million in 2018 audited account.
He added that profit before tax is N52 million while earnings per share of the bank 48k and return on investment was 17 per cent in 2019 fiscal year.
According to him, the bank declared 7k per share and a bonus of 9 units of shares for every 100 shares for the 2019 fiscal year.
The chairman further disclosed that the bank would shore up its share capital to N200 million to enable the bank invest on innovations and other opportunities created by advancement in information technology that will be an engine of growth to the populace.
“We are poised to expand our scope of operation within regulatory provisions.
“We hope to achieve through private placement for the issuance of N250 million shares at N1.25k and right issues for our existing shareholders at the ratio of one share for every three existing shares held at N1.10k per share,” he said.
Mr. Momodu said that the increase on its share capital would strengthen the bank and place it on a higher pedestal in the competitive microfinance industry, saying that it will enhance positive effect on returns on investment and dividend.
He urged the customers and shareholders to continue to invest so that they can get more dividend in return of their money.
He assured them that their investment will not be in vain.
“Our dear shareholders, we will continue to focus on those areas that will provide great opportunities for business growth and easy access for our customers to obtain loans and services.
“We reiterate our mission to economically empower micro-entrepreneur and low income earners by providing access to financial services in a sustainable ethical and profitable manner.
“We will continue to formulate policies and create the enabling environment that will ensure optimum returns for your investment while ensuring that the expectations of our customers are met and surpassed,” he said.
