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Umuchinemere Procredit

Microfinance Bank Nigeria Limited

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Umuchinemere Microfinance bank pays 3kobo dividend per share, records outstanding capital adequacy ratio of 59.19% in 2012

      59.19% in 2012
     ... Receives CBN kudos

The Enugu based State micro finance bank, Umuchinemere Pro-credit Micro Finance Bank Limited (UPMFB), recorded an outstanding capital adequacy performance ratio of 59.19 percent in 2012, compared to a regulatory minimum of 10 percent, just as it paid a 3kobo dividend for each share for the 2011 financial year ended.

A Press release from the Public/Media Relations Manager of the bank, Sir Abuchi Anueyiagu, quoted the Chairman of the bank, Rev. Prof. Obiora Ike, as having disclosed this information about the performance of the bank in his chairman's statement at the 16th Annual General Meeting (AGM) of the bank, held ending of last year in Enugu.

Following a proposal by its Board of Directors at the AGM, the bank's shareholders unanimously approved a-3kobo dividend per share for the 2011 financial year ended.

The UPMFB chairman explained that the 3kobo dividend was necessitated by the need to consolidate the bank's asset base and yet satisfy the interest of its shareholders, hoping that the dividend/bonus provision for the shareholders for the coming year shall by the grace of God be much higher.

Prof. Ike said in 2011, Umuchinemere Pro-credit Micro Finance Bank Limited (UPMFB) delivered a strong risk ratio, which provided a strong platform for exceptional performance in 2012. He said, "Our capital adequacy ratio was over 59.19%, compared to a regulatory minimum of 10%."

Nigeria Deposit Insurance Corporation (NDIC) report of April 2012 confirmed that Umuchinemere Pro-credit Micro Finance Bank Limited (UPMFB) was adequately capitalized for its operation.

The Roman Catholic prelate told his audience that the bank's "average liquidity ratio was 99%, compared to a regulatory prescribed minimum ratio of 20%", adding that the size and structure of the bank's balance sheet also improved in 2011, growing by 23.83% to reach N1.8billion at the end of 2011, while the total deposit grew by 27.34% to N1.35b, just as its loan to deposit ratio was 29.26%, well below the CBN benchmark of 70%, leaving enough room to grow the loan book in 2012.

Monsignor Ike further informed the shareholders that the bank was now operating as a full state microfinance bank, following the CBN approval of its upgrading from a unit microfinance bank to a state microfinance bank with a fully paid share capital of N274,266,570 as at 2011 ended and shareholders' fund of N618,902,164 as at date. The CBN minimum capital requirement for a state microfinance bank is N100m.

On access of capital to the poor, the chairman said UPMFB was committed to making life meaningful for the active poor and had a statistical data of over 55,000 customers spreading across all strata of the society: top, middle and low classes, including students, workers, artisans, traders, entrepreneurs, corporate bodies, etc.

The bank concluded year 2011 with a net profit after tax of 25% (N34,547,643) from that of 2010.

A CBN Controller, Chief Emeka Achebe, who represented the apex bank at the UPMFB Annual General Meeting, affirmed that CBN rightly approved of the bank's 2011 external annual report that was presented at the meeting. The regulatory body observed UPMFB as one of the best microfinance banks in the country and the number one, east of the river Niger.

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