The Umuchinemere Pro-credit Micro Finance Bank (UPMFB) recorded a net profit of
N55.3million in its operation in the 2015 financial year, 51 percent lower than that of 2014, which was N112.9million.
According to the Bank's external auditors, Ralph Anyama and co, bad debts of loans by defaulters was responsible for the sharp drop in profit, resulting in low earnings per share and dividend per share standing of 16 kobo and 10 kobo, as against the previous year's record of 35 kobo and 16 kobo, respectively.
The establishment of the bank was primarily for poverty alleviation among the poor in the society, especially the Church's poor faithful, in tune with the Church's social teaching of economic evangelisation.
Meanwhile, UPMFB has opened a new Customer Meeting Point (CMP) at Abakpa Nike Timber market, to bring its financial services and products very close to the active poor and unbanked people in the area, in line with the Federal Government's directive on micro-finance banks to assist the active poor in accessing funds.
The formal opening ceremony of the new CMP was performed by the immediate past chairman of the bank, Msgr Prof Obiora Ike. He said that with the new cash centre at the Timber market, the traders and other local people could easily walk into the place and access funds or transact other financial business and return to their shops and continue with their normal business without waste of time or missing their customers.
Msgr Ike also said that access to loans for small scale businesses were also done with dispatch for customers' benefit and satisfaction. He explained that traders in the timber market could benefit the financial facilities within the cash centre which will reduce the stress of going from one point to the other to withdraw or deposit money.
The bank's former chairman said the bank was readily available to help its customers grow their business to their expectations, assuring that UPMFB will continue to extend financial inclusion to the doorsteps of the active poor people in the society and make impact in their lives.
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