The Minna Microfinance Bank operated by the Federal University of Technology (FUT), Minna, has posted N10. 9 million profit after tax for the 2016 financial year.
Hajara Abdullahi, acting chair of the Bank’s board of directors, said this in a statement issued to newsmen in Minna on Wednesday by Lydia Legbo, the institutions public relations officer.
Abdullahi spoke at the 3rd annual general meeting of the bank held in the university. According to her, the bank also witnessed huge improvement in all segments.
She said that the profit was generated despite the difficulties witnessed in the year 2016 as a result of the economic recession. The acting chairperson said that the bank was also able to deliver on its promises to its customers and stakeholders, adding that the impressive performance came on the back of efficient operations and purpose-driven leadership.
Read Also: ENDSARS looting: Lagos to offer tax break, grants to ruined businesses
However, Abdullahi said that the bank’s Portfolio At Risk (PAR) stood at 10.28 per cent due to non- performing status of some of the bank’s loans.
She noted that the bank had been able to recover some loans from its debtors based on aggressive loan recovery strategies introduced.
On the bank’s liquidity ratio, Abdullahi said that the bank’s liquidity ratio stood at 75.93 per cent as at December 31 2016, an indication that the bank will continue to meet its financial obligations to its creditors as at when they fall due.
Abdullahi further stated that the bank had invested massively in Information and Communication Technology (ICT) in view of its importance in financial transactions.
She said that the bank had upgraded and converted its banking application software from Cutebanker II to Cutebanker Lite in order to meet the online banking transaction needs of its customers.
“We are presently working on our banking mobile app and it will soon be inaugurated,” she said.
The statement also quoted Musbau Akanji, vice-chancellor of the institution, as urging the bank’s management to maintain the tempo in order to justify the university’s investment in the bank.
Represented at the event by Jubril Alhassan, the University Librarian, the vice-chancellor said the university’ management is proud of the bank’s achievements.
