Auchi microfinance bank shareholders’ fund hits N290 million in 2020

The Auchi Microfinance Bank says its shareholders’  fund increased to N290million in 2020 as against N223million in the 2019 financial fiscal year.

Mr. Hassan Momodu, the Chairman of the bank disclosed this at the 24th Annual General Meeting (AGM) of the bank in Auchi, the administrative headquarters of Etsako West Local government.

Mr. Momodu said that the shareholder’s fund shows an increase of 30 percent improvement of the fund.

He said that the gross earnings during 2020 stood at N150 million as against N143 million in the 2019 audited account.

He added that profit before tax in 2020 is  N71 million despite the covid-19 pandemic as against  N52 million for the year 2019.

According to him, earnings per share of the bank is  75k while return on investment was 20 percent in the 2020 fiscal year.

The chairman said the bank declared 10k per share and a bonus of 6 units of shares for every 100 shares for the year 2020.

He further disclosed that the bank had N250 million units of share available with Right Issues for sales, adding the idea is to further expand its business and invest more in technology

Mr. Momodu said the bank is partnering with Small, Medium Enterprises Development Agency of Nigeria-One Local Government One Product (SMEDAN-OLOP) to serve as disbursement managers by giving interest-free loans and grants to develop one agricultural product in Edo and Delta states.

“Our bank is hoping in subsequent years to also partner with world-renowned NGO’s such as IMPPPACT Global Alliance that are involved in grassroots social-economic development programs.

“This will greatly impact on social-economic activities in our immediate environment,” he said.

He urged the customers and shareholders to continue to invest so that they can get more dividends in return for their money.

While assuring 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.

“Our bank shall continually be the focal point for grassroots development and a source of positive reference to other institutions to emulate.

“We will maintain our mission to provide innovative, sustainable,  profitable, and ethical financial services tailored to the grassroots and to ensure empowerment of every economically active man and woman and low-income earners to ultimately grow the economically empowered population.