…Presents 2021, 2022 Annual Reports
By Emeka Oluka
The UNAAB Microfinance Bank on February 14, 2024, held its Annual General Meeting (AGM).
The meeting included the presentation of the Bank’s Annual Reports and Financial Statements for the 2021 and 2022 Financial Years.
Addressing shareholders of the Bank at the AGM, the Vice-Chancellor, who is also the Bank’s Chairman, Board of Directors, Prof. Babatunde Kehinde declared that the overall performance of the Bank has continued to witness tremendous improvements.
The Vice-Chancellor and Chairman, UMFB Board of Directors, Prof. Babatunde Kehinde addressing shareholders at the AGM
Photo Credit: Gbolahan Lawal
He noted that UMFB was now a major player in the Microfinance subsector, especially in the provision of affordable and accessible financial services to its different categories of customers.
The Vice-Chancellor recounted major challenges faced by the financial sectors across the country within the year of report, which included but not limited to insecurity, COVID-19 effects, inflation and hike in foreign exchange rates, among others.
However, despite the aforementioned atmosphere, Prof. Kehinde observed that the Bank’s financial performance indicators remained positive during the years under review.
According to the Vice-Chancellor, the result presented this year demonstrated the strength of the Bank to wriggle through hard times and survive tough policy regimes.
Prof. Kehinde reported that UMFB was able to stabilise its performance with the total assets of N442.4 Million, gross earning at N106.7 Million, while profit before tax was N27.2 Million.
MD, UMFB, Mr. Adebiyi Ayoade giving the Financial Report for the years under review
Presenting his review, the Managing Director (MD) of the Bank, Mr. Adebiyi Ayoade noted that the Bank was able to make good strides in the years under review.
He added that the Bank was able to achieve this by leveraging on innovation and technology to drive its operation for efficient service delivery.
Mr. Ayoade added that the Bank recorded an increase in profit by playing to its strength in a challenging operating environment.
The immediate past DVC (A), and a shareholder of the Bank, Prof. Christian Ikeobi fielding questions on the Financial Report
He expressed optimism that the Bank’s future outlook was promising, as it remained committed to optimising value for all its stakeholders in the years ahead.
For the years ended December 31, 2021, and December 31, 2022, respectively, the Board of Directors recommended the sum of N4.9 Million and N10 Million as dividend payments to its shareholders.
