Dike, who said this at the 9th Annual General Meeting of the bank in Lagos on Wednesday, assured that he is buoyed by the fact that that the operational performance of 2017, despite post-recession challenges, “provided indications of a promising and sustainable future.”
According to Dike, Petra MFB Plc, which also marked its 10th founding anniversary, sustained its improving financial performance by recording a profit after tax of N4. 246 million in 2017, which is a significant improvement over the 2016 profit performance of N2. 657million. Thus the profit after tax grew by 59.8% over the 2016 performance. Net income grew by 15.6% over the 2016 result to N30. 1million in 2017
He explained: “The board and management instituted an enhanced value for money operational mechanism. With the enhanced operational efficiency and value for money philosophy, total operating expenses reported only a marginal change of 1.1% from N24.737million in 2016 to N25. 020 million in 2017. This is considered commendable in the face of the inflationary pressures experienced nationwide.”
“The bank’s deposit base increased to N137 million from N127 million in 2016 in 2016, despite the liquidity squeeze in the economy. The 2017 financial performance is thus a significant improvement and positive indication of the future. The board is thus confident that the results of 2018 will show significant improvements, building on the momentum of 2017,” Dike assured shareholders and customers in attendance at the AGM.
Some shareholders lauded the management and board over the excellent financial position of the bank, admonishing them not to rest on their oars.
Mr. Onyeani Uka Nwosu of Firstalic Logistics, while commending the bank over its clarity on a number of issues, asked what further is to be done for the bank to experience more dramatic turnaround. He advised the bank’s management to do more in boosting its corporate image.
Nwosu also urged the bank to embark on industrial scanning, maintaining that it is doable. “We want the board and the management to do better than they are doing now, because we want dividends.”
Mr. Sam Egharevba said “Most MFBs that started with us are dead, so we are not doing badly. We are in retail banking; we therefore need to investigate why some of our loans have gone bad. We have to look at that aspect.”
Pa Oguntoye Anthony urged the management to bring in more investors into the bank in order to meet the higher shareholders fund requirement of the Central Bank of Nigeria.
In his response, the Chairman said, while expressing appreciation to the shareholders, he added: “We take the views and comments of the shareholders seriously and we will implement them to the letter. We are renewing our pledge to strengthen, build a sustainable bank, with innovations and creativity. We, therefore, seek the support of all of you, our esteemed shareholders.”
Petra MFB Plc, the brainchild of the Catholic Priests Of the Order of Preachers (The Dominicans of the Province) was incorporated in the year 2008, and commenced full banking operation on 22nd May, 2008.
Its vision was premised on providing quality micro finance services to small and medium scale business that are active but financially disabled using the services of highly skilled and motivated staff and robust management information system thereby ensuring superior returns to shareholders.