Accion Microfinance Bank at its 2019 Annual General Meeting informed shareholders that it achieved N1.05bn in it Profit-After-Tax for its 2018 financial year.
The Chairman of Accion, Mr Patrick Akinwuntan in his remarks at the event stated that it was a 30% improvement from the N809.7million PAT recorded in 2017 FY. Mr Akinwuntan also noted that Accion Mfb maintained a solid return on equity (ROE) improving by 23% in 2018 FY, from 20% in 2017. In the area of the Capital Adequacy Ration, CAR Accion according to the Chairman also attained 50% which was higher than the regulatory requirement of 10%.
“At the heart of the Accion Microfinance Bank strategy is the continued investment in our physical footprints, building fit for purpose technology architecture and growing the required strategic partnerships that will enable the bank to be competitive across market segments” Akinwuntan said .
Also giving his remarks, Mr Taiwo Joda, the MD/CEO of Accion Microfinance Bank asserted that in 2018 FY, the bank witnessed a 15% growth for customer deposits, growing from N2.44bn in 2017 FY to N2.81bn in 2018. “The total number of ATM cards issued to customers in 2018, closed at 72, 768 while the number of the active agents also closed at 204” Taiwo Joda said.
The MD/CEO also revealed that Accion Mfb upgraded its core banking application from R10 to the new R16 model of T24, to serve customers better.
External auditors Deloitte & Touche represented by Mr David Achugamonu in the financial statement for 2018 FY, reported that the microfinance bank’s statement of financial position, and its statement of profit or loss and other comprehensive income were in agreement with its books of account.
The board in agreement with shareholders approved the payment of 25k dividend for the 2018 Financial Year.
Other analysis from the 2018 FY report for Accion Microfinance Bank showed that total loans disbursed increased by 21.4% from N19bn in 2017 FY to N23bn in 2018 FY. The total number of loans disbursed also leaped by 79% from 57,980 to 103,642 customers.