NPF Microfinance Bank unveils 11 new branches

The Central Bank of Nigeria (CBN), has approved the request of the management of the NPF Microfinance Bank for the establishment of 11 more branches across the country.

The Apex bank in an approval letter signed by Mrs. A.O Kako, on behalf of the Director, Other Financial Institutions Supervision Department, read in part: “We refer to your submissions in respect of the above subject and write to convey the approval of Central Bank of Nigeria to your proposed additional eleven (11) branches in Ibadan, Ikorodu, Abeokuta, Asaba, Tejuosho (Yaba), Onitsha 2, Port Harcourt 2, Aba, Okene, Aswani (Isolo) and Calabar.”

Commenting on its business development and future outlook, the Managing Director and Chief Executive Officer of the NPF Microfinance Bank, Akinwunmi Lawal, explained that the idea of creating more outlets was in line with its expansion strategy and to help provide seamless services to its esteemed customers.

Lawal said the bank had already concluded arrangements to unveil five of the 11 branches this week, which include Ibadan, Oyo state, Abeokuta in Ogun state, Ikorodu and Yaba (Tejuosho) both in Lagos state, and Asaba in Delta state.

He also said other branches recently opened in Oji River, Enugu state, and Kaduna, have commenced full commercial operations with robust customer relations services and impressive results.

“This is to ensure that we close the year with at least 35 branches in line with our strategic plan” Lawal added.

He said the bank understands the key role of information technology in banking operations and has ensured that its branches are fully automated.

Lawal noted that the bank has maintained impressive financial turnover even in the face of excruciating economic environment.

The bank in 2015 recorded increases in its asset by 26 percent from N10.865 billion in 2014 to N13.668 billion, and loan size by 21 percent from N6.527 billion in 2014 to N7.881 billion in 2015.

Its turnover also rose to N2.329 billion in 2015 from N2.004 billion the previous year, representing 16 percent leap.

Also, following prudence and transparent business operations the management ensured that its total operating expenses increased by only 18 percent from N1.387 billion in 2014 to N1.640 billion in 2015.

The bank however, closed the year with a Profit Before Tax (PBT) of N688.9 million from N617.5 million recorded in 2014, which was an increase of 12 percent and with a tax of N174.3 million.

Profit After Tax (PAT) stood at N514.6 million as against N477.8 million the previous year indicating a rise of 8 percent.

The Executive Director, Operations, Mr Jude Ohanehi, who is directly in charge of deploying resources in the opening of these branches, said the management did extensive work in taking decision for the choice of location for the branches in line with strategy of the bank.

Ohanehi said that despite downward share price movement the bank’s share price has been moving upward after markdown due to our strong earning capacity and established corporate governance.