News Column

NPF MFB Posts N338 Million Profit As NSE Index Rebounds

July 9, 2014

Bamidele Ogunwusi

Management of the NPF Microfinance Bank on Tuesday submitted its unaudited second quarter financial result ended June 30, 2014 to the management and stockbrokers of the Nigerian Stock Exchange (NSE).

In the result, the bank, for the six months period, posted a profit after tax N338.653 million from N252.853 million recorded in the corresponding period of 2013; gross earnings also grew from N841.971 million to N1.013 billion; while total operating expenses stood at N622.829 million from N544.136 million.

Cash and bank balances rose to N88.207 million from N85.461 million; as due from other financial institutions dropped to N1.021 billion from N2.125 billion; loans and receivables from customers rose to N6.564 billion from N5.559 billion; with other assets rising significantly to N578.195 million from N207.530 million; property, plant and equipment, however, dropped to N349.016 million from N355.375 million; while total assets rose to N8.943 billion from N8.680 billion.

Customer deposits and other deposits which was N3.858 billion in 2013 rose to N4.087 billion; total liabilities grew from N4.763 billion to N4.916 billion; while total equity rose to N4.026 billion from N3.916 billion.

Meanwhile; trading rebounded on the floor of the Nigerian bourse on Tuesday when both indicators closed on the green side. Equities capitalisation closed higher at N14.152 trillion after it appreciated by N32.262 billion as against N14.118 trillion it recorded on Monday; while the All-Share Index notched 103.76 basis points or 0.24 percent to close at 42,861.78 points as against 42,758.02 points recorded on Monday.

Investors traded in a total of 523.298 million shares which valued at N5.129 billion in 5,360 transactions as against 460.229 million shares; valued at N4.4.509 billion in 5,215 transactions recorded in the previous trading with the financial services sector accounting for a total of 408.896 million shares; valued at N2.626 billion in 2,412 deals as against 305.519 million shares.

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Source: AllAfrica

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