Accion Microfinance Bank, one of the leading Microfinance Banks in Nigeria, has released its full year financial results for 2018 with the bank register- ing solid growth in all key performance indicators.
The bank grew its profit after tax (PBT) to N1.05 billion from N809.76 million recorded in 2017, representing a 30 per cent increase. Similarly,its total loan portfolio grew by 16 per cent, from N7.62 billion in 2017 to N8.85 billion in 2018 while shareholders funds grew to N4.61 billion against N3.91 billion in 2017, representing a growth of 18 per cent.
Speaking at the Annual General Meeting (AGM) at the weekend in Lagos, Chairman, Accion MFB, Patrick Akinwuntan, attributed the strong performance of the bank to the resilience of the Board and the strength of its diversified product offering shaped by customer preferences, adding that the Bank is focused on improving and transforming the lives of the low income earners and micro-entrepreneurs to enable them grow their business and support their families and communities.
Akinwuntan noted that at the heart of the Bank’s strategy is continued investment in its physical footprints,building fit for purpose technological architecture and growing the required strategic partnerships that it believes would enable the Bank to be competitive across the market segments it serves.
He said, “2018 witnessed significant investments in our core banking system upgrade and in strengthening our capabilities to deepen financial inclusion leveraging on digital and communication technology. We commenced the upgrade for our T24 core banking banking system from version R10 to R16 and it was successfully completed in March 2019.
We are confident that with its superior functionalities and cutting edge product offerings we would be able to greatly enhance turnaround time for deal processing, reporting and offer delightful customer experience to our customers”. Corroborating him, the Managing Director of the bank, Taiwo Joda, said 2018 had some challenges characterised by the apprehensions around security and other policy uncertainties in the running to the 2019 general elections within the business community that slowed down business at the aggregate level, adding that the bank was able to weather the storm.