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By Chinwendu Obienyi
Shareholders of Accion Microfinance Bank (MFB) recently endorsed a 20 kobo dividend per share declared by the directors along with remuneration of directors for the 2022 financial year.
The endorsement was given during the bank’s 16th Annual General Meeting held in Lagos physically and virtually. Shareholders’ representatives who spoke at the meeting described the dividend payout as a step in the right direction following an impressive financial performance recorded by the company in 2021 amidst harsh operating environment.
The proposed final dividend of 20 kobo, represents N241,481 million dividend payout for the year endedDecember 31, 2021.
Speaking during the meeting, bank’s Chairman, John Fischer, assured the shareholders of its commitment to continue to deliver maximum returns to the shareholders.
He revealed that the bank is adopting innovative strategies to generate revenue, reinforce its customer base and leverage technology adding it will help the bank secure a strong strategic position in the market.
According to Fischer, substantial on market value will create sustainable value for all stakeholders, rely on scalable and open banking technology, leverage the potential of the bank to tap into distribution channels and after sales services.
He thereafter said the bank is strong and positioned to take advantage of coming opportunities and guard against potential risks. Corroborating him, the Managing Director, Accion MFB, Taiwo Joda, noted that the bank’s strategies which were deployed in 2020 led to the company’s impressive performance in 2021.
“Gross earnings grew by 12.4 per cent to N5.47 billion as against N4.86 billion recorded in 2020 due to the increase in loan uptake. Our profit before and after tax stood at N1.007 billion and N571 million respectively while our current and savings accounts grew by 19.1 and 4.82 per cent respectively compared to a decline of 10.6 and 1.35 per cent in the previous year.
Similarly, our loan disbursement increased significantly by 61 per cent from N18.3 billion in 2020 to N29.4 billion in 2021 while we made a digital leap in terms of the bank’s products and services.”, He revealed.
The Bank’s MD also expressed optimism that 2022 will be a better year because the bank has adopted new business models that will shape its operations and remains focused to deliver its set targets.
“We are committed to delivering on our targets for the year and continue to project the bank as a one-stop shop in the industry meeting the needs of our target market in line with our strategy”, Joda said.
