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Umuchinemere Procredit

Microfinance Bank Nigeria Limited

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Umuchinemere Bank posts 11kobo dividend to its shareholders, records 223% rise in earnings per share

Umuchinemere Pro-credit Micro Finance Bank (UPMFB) Enugu has put smile in the faces of its shareholders this Christmas, as it has posted 11kobo dividend per share after taking stock of its total performance for the 2012 financial year ended.

The bank's shareholders approved the11kobo per share dividend at the bank's 17th Annual General Meeting that held at Enugu in this current period of the Advent in the Holy Catholic liturgical calendar. The Catholic diocese of Enugu, which founded the bank in 1995 as a Community Bank before its transformation in December 2007, following the introduction of microfinance banking in Nigeria in 2005, is the major shareholder of the bank.

The bank's Board of Directors through its chairman, Monsignor Prof. Obiora Ike, proposed the 11kobo dividend at the AGM, which the shareholders unanimously approved of through a motion.

A Press release from the bank's Head of Public/Media Relations, Sir Abuchi Anueyiagu, indicates that UPMFB made a profit after tax of N116.89million in 2012, as against that of the previous year that was a total of N34.55million, which shows a rise of N82.34million or about 238 per cent.

Recording a remarkable growth from its previous year's total performance, Umuchinemere PMFB, according to its external Auditor, Chief Raphael Anyama, scored a big difference of 223 percent growth in its earnings, from 13kobo per share in 2011 to 42kobo per share in the 2012 financial year under review, as well as 267 percent increase in its payable dividend per share, from 3kobo in 2011 financial year ended to 11kobo in the 2012 financial year ended December 31, 2012.

Commending the bank for a creditable performance in the 2012 financial year, Chief Anyama explained that 31kobo of the 42kobo earnings per share was unspent and that it represents the statutory revenue reserve for UPMFB's future growth, observing that the Board and Management of the bank through good corporate governance were able to manage its resources carefully.

With its shareholders' fund and paid-up capital hitting a N677.48million and N282.28million mark respectively, Umuchinemere Pro-credit Micro Finance Bank has a projection of strengthening its collaboration with its sister organisation, Godfrey Okoye University, to assist parents pay their children's school fees through a revolving loan scheme, as well as support Mission schools and hospitals in the diocese.

Monsignor Ike, a prelate of the Holy Catholic church, told the meeting that having seen the banking sector as a service for common good, which is germane to the Catholic social teaching that economic activity is an apostolate in the service of the common good and is best done by encouraging self reliance through self help as the best help, the Catholic church is using Umuchinemere Pro-credit Micro Finance Bank, as a bank meant for the poor, to eradicate poverty and achieve development, which is part of its social teaching and economic evangelisation, by meeting the funding needs of the poor in the society.

He quoted a Central Bank of Nigeria (CBN) report of August 2, 2013, covering the period May 2012/March 2013, as having rated UPMFB's capital adequacy ratio of 103.59%, above the CBN regulatory minimum bench mark of 20%, as strong with bright future outlook.

The Catholic bishop of Enugu, Most Rev. Dr. Callistus Onaga, who spoke through Monsignor Tobias Anichebe who represented him at the AGM, thanked the bank for meeting the expectations of the diocese, which he said informed its establishment, promising that while it continues to do well it will always have the support of the diocese.

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