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Umuchinemere Procredit

Microfinance Bank Nigeria Limited

... making money work for you!

Umuchinemere Pro-Credit Micro Finance Bank Defies Odds, Decleares 15 Kobo Dividend To Shareholders For 2008

Reviewing the activities of Umuchinemere Pro-credit Micro Finance Bank Nig. Ltd, Enugu in the financial year 2008, Rev. Prof. Ike said, "In the overall performance of our bank in the year 2008, we recorded a gross earning growth of N198, 877,268.82 from the N147, 481,054.87 we had in the previous year, showing an increase of 35 percent."

He stated further: "Our Net Assets/Shareholders' funds at the year ended (2008) was a total of N252, 860,529.01, as against the 2007 record of N198, 840,096.76".

Following this encouraging level of financial performance in the year under review, the Umuchinemere Pro-credit Micro Finance Bank's chairman proposed a 15 kobo per share divided to the shareholders, which they unanimously approved instantly at the AGM.

The bank's payable dividend after taxation for the year under review was a total of N27, 462,524.95, while its customer figure rose from 44,000 in 2007 to 55,000 clients in 2008, representing a 25 percent rise in figure.

Monsignor Prof. Ike said the bank was able to make the achievement through strict adherence to its well established tradition of maintaining best practice in corporate governance in the industry.

He said: "Our system is hinged on the strict independence and separation of the Board of Directors' oversight responsibilities and the management structure, with our governance principle and attitude not being restricted to just the confines of the legal and regulatory requirements, but also creating room for laudable initiative, innovations of our set goals, while maintaining high ethical standards and credibility".

Striving to always be a good reference point in corporate governance in the country and even beyond, the UPMFB Chairman explained that attainment of greater heights and living up to its social responsibilities with a good track record as responsible corporate citizen also remained the bank's focus.

He declared, "Umuchinemere Pro-credit Micro Finance Bank's financial performance in 2008, though may not be as we had projected, in terms of profit target, was a clear testimony of our mission statement of being" a micro finance bank with ethical standards, offering best-in-class finance products and services that are innovate, socially responsible, customer-focused, grassroots and community-oriented, promoting sustainable shareholder participation and integral human development leading us to improving the dignity of man through hard work, honesty and self reliance in making money work for the human being.

Prof. Ike, a well traveled and known prelate, academic, scholar, human rights activist and philanthropist, told the bank's shareholders that in the face of challenges and testing circumstances in banking business, the bank was able to raise its head higher, in making a reasonably above average mark in its performance and goods delivery, which was a hallmark of conscious, pragmatic, responsive and timely business decisions and approach by the Board and Management of the bank.

He said the bank was able to ingeniously and systematically manage its risks, de-leverage its Balance Sheet and reduce its exposure to protect it from risks in the market. Addressing the shareholders earlier, the Legal Holder of the bank Catholic Bishop of Enugu, Rt. Rev. Dr. Callistus Onaga, expressed satisfaction with the activities of the bank, particularly the performance of the Board, Management and Staff.

Declaring the intention of the church to increase its shareholding in the bank, the Bishop charged the workers to always live up to the bank's slogan of 'making money work for man' and not man for money.

Umuchinemere Pro-credit Micro Finance Bank Nigeria Limited was first established on July 22, 1995 by the Roman Catholic Diocese of Enugu under Late Rt. Dr. Michael Uwuja Eneja, as a Community Bank, but later transformed to a Micro Finance Bank in year 2007, following the Federal Government's new economic policy of December 2005 introducing the establishment of MFBs in the country.

Among the personalities present at the 13th AGM UPMFB were the present Legal Holder of the bank and Catholic Bishop of Enugu Diocese, Rt. Rev. Dr. Callistus Onaga, royal fathers, the bank's Directors, etc.

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