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Microfinance Bank Nigeria Limited

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Umuchinemere Pro-credit Micro Finance Bank records 15kobo per share dividend

The Umuchinemere Pro-credit Micro Finance Bank (UPMFB) Enugu recorded a 15kobo per Share dividend in its operations in the 2013 financial year ended, with a 26kobo per Share earnings in the period under review. In its 2012 financial year operations the bank paid 11kobo per Share dividend.

Chairman of the bank, Monsignor Prof. Obiora Ike, made this known in his report to the shareholders of the bank at its 18th Annual General Meeting, explaining that the "dividend per share increased by 4kobo in 2013 from that of 2012".

He said that the combination of resilience and determination was the common spirit that broke barriers and took the bank from a small community bank in 1995 to a Unit micro finance bank in 2007, State micro finance bank status in 2011, and to one of the top 10 micro finance banks in Nigeria operating at state level today.

Umuchinemere Pro-credit Micro Finance Bank (UPMFB) was established in 1995 by the Roman Catholic diocese of Enugu, first as a Community Bank, formally opening operations on July 22, 1995, and later transformed to a micro finance bank in 2007, with the introduction of micro finance banking system in Nigeria in 2005.

A Press release from UPMFB's Head of Public/Media Relations Unit, Sir Abuchi Anueyiagu, said Rev. Prof Ike told his audience that though the bank had enough funds to give as credit and loans but the most critical challenge it was having was getting customers to repay loans as and at when due for its sustenance as a bank.

UPMFB's total assets grew in 2013 by 10 percent, from N1.884bn in 2012 to N2.099bn in 2013, just as its statutory reserves and shareholders' funds increased by 18 percent, from N177.5m in 2012 to N217.1m in 2013, and 10 percent, from N538.8m in 2012 to N599.6m in 2013, respectively.

Msgr. Ike observing that the bank nearly attained three billion naira mark in assets within 20 years, said that under three different bishops since its establishment UPMFB had enjoyed the tenacious support of the diocese, pointing out that under the leadership of its present bishop, Most Rev. Dr. Callistus Onaga, the diocese has become the largest shareholder of the bank, as every parish, and lay apostolate body in the diocese is mandated to open account with the bank.

In consonance with the United Nations MDGs of reducing poverty index to 50 percent by the end of 2015, Umuchinemere Pro-credit Micro Finance Bank has meaningfully made good impact in the lives of over a million people by issuance of credits and loans to over 100,000 customers since its inception.

The Legal Holder of the bank and bishop of the Roman Catholic diocese of Enugu, Most Rev. Dr. Callistus Onaga, had in his speech on the occasion expressed gratitude to God for the gift of the bank.

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