The Umuchinemere Pro-credit Micro Finance Bank (UPMFB) said it recorded a profit after tax of N116.89million in its 2012 financial results. The performance represents a significant growth of 238 per cent, compared to the N34.55million realised the previous year. The financial institution also declared a dividend of 11kobo per share to its shareholders in the year under review. A statement at the end of the MFB's 17th Annual General Meeting (AGM) in Enugu recently also showed the firm recorded a 223 per cent rise in its earnings per share. It also stated that the bank was able to record such performance through good corporate governance and proper management of its resources. "With its shareholders' fund and paid-up capital hitting a N677.48million and N282.28million mark respectively, UPMFB 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," it added. The Chairman, Board Directors, UPMFB, Prof. Obiora Ike , said the institution was set up to eradicate poverty and achieve development. He quoted a Central Bank of Nigeria (CBN) report of August 2, 2013 , as having put UPMFB's capital adequacy ratio at 103.59 per cent, above the CBN regulatory minimum bench mark of 20 per cent, maintaining that the bank is strong with bright future outlook.
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