In spite of
the operating environment which was challenging in 2014, LAPO
Microfinance Bank limited maintained its leadership position in the
market as it recorded profit after tax of N2.8 billion in the financial
year ended December 31, 2014, representing 61.09 percent increase from
N1.7 billion recorded in 2013.
Gross earnings of the bank increased by
N5.8 billion to N16.5 billion in 2014, from N10.7 billion in 2013,
representing 54.21 percent increase. Also the bank’s profit before tax
rose to N4.15 billion in December 31, 2014 from N2.61 billion in 2013,
representing 58.9 percent increase.
The bank’s operating expenses was as high
as N9.06 billion in 2014 from N6.62 billion in 2013, while it paid tax
of N1.34 billion in 2014 compared to N868.21 million paid in 2013.
Furthermore, the bank’s clients’ base
increased from 1.03 million in 2013 to 1.4 million in 2014 while loan
disbursement increased to N92.4 billion which represents 48 percent
increase from 2013 performance.
“In spite of the challenging operating environment, LAPO Microfinance Bank was still able to post impressive results.
The superior performance was due to the
commitment of our staff; loyalty of our clients and resilient operating
system”, Godwin Ehigiamusoe, the managing director, said in an e-mailed
response.
He said the bank will continue to
consolidate on its accomplishments, as well as sustain the commitment to
build an excellent institution, through the development of appropriate
information technology architecture; sound corporate governance and risk
management process.
Speaking at the 4th annual general
meeting held recently in Lagos, Osarenren Emokpae, chairman noted that
“the 2014 financial report is impressive not only in terms of the N92.4
billion disbursed which represents 48 percent increase, but also the
number of lives we were able to reach with our services which is over
1.4 million clients. As much as we want to be financially viable, we also importantly want to reach more people.”
LAPO Microfinance Bank as the leading
financial institution is focused on becoming the first choice financial
institution by improving the lives of Nigerians through business
friendly and sustainable financial services.
The Bank was incorporated as a private
limited liability company on 25th April, 2007 under the provisions of
the Companies and Allied Matters Act CAP C20 LFN 2004 with registration
number 688867. On 21st June 2010, it obtained the approval of the
Central Bank of Nigeria to operate as Microfinance Bank under the
Nigerian Microfinance Policy, Regulatory and Supervisory Guidelines of
2005 as amended in 2011.
On September 10, 2012 the Microfinance
Bank received an approval from the Central Bank of Nigeria (CBN) to
operate as a National Microfinance Bank.
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