By Abdulfatah Babatunde
Lagos, June 2, ’25 (TNZ) The Al-Barakah Microfinance Bank has declared an impressive N940.36 million assets base and a N38 million profit after tax (PAT) for the 2023 operating year.
TheNewsZenith reports that Mr Jamiu Alaja, Chairman of the bank, announced this at the first Annual Stakeholders Meeting of the bank, on Sunday in Lagos.
Ajala said the bank’s asset base grew by 21.5 per cent from N774.017 in 2022. This is as the PAT grew by 32 per cent from N28.79 million.
He told stakeholders that its loan portfolio also grew from N371.77 million in 2022 to N431 million in the year under review. This indicated a 16 per cent growth rate.
According to him, the bank’s gross earnings hit N147.7 million in the period under review.
This figure indicates a 21 per cent increase from N122.3 million recorded in 2022.
“Our investment income grew from N13 million in 2022 to 26.7 million in 2023, representing a 104 per cent increase.
“The bank shareholders’ funds are currently N295 million while the directors proposed five kobo as dividend per share in the reporting year, upon approval by the Central Bank of Nigeria (CBN).
“Despite the challenging operating environment, our deposit base also rose by 24 per cent from N488.9 million in 2022 to N608.5 million in the period under review.
“The performance is a testament to the determination of the board and management to continually turn around the bank’s fortune to a profitable and enviable venture,’’ TheNewsZenith quotes the chairman as saying.
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Ajala remarked that the business environment in the country in 2023 was characterised by a combination of challenges and opportunities, due to political transition and economic reform.
“The removal of fuel subsidy and floating dollar culminated in a high cost of doing business and weakened local currency.
“This led to multiplier effects on every business. The inflation rate went up, and a high unemployment rate persisted.
“This is as many companies retrenched their workforce.
“Prices of food items and other commodities in the market increased. Also, people’s standard of living diminished in the year under review,’’ he noted.
TheNewsZenith reports that there was a disclosure contravention of the guidelines on the Money Laundering Act (MLA) in the Independent Auditor’s Report, which attracted CBN sanction and fine rattling shareholders.
The Auditor, Mr Haffis Edu, however, clarified the nature of the contravention during questioning by shareholders.
He said the bank merely failed to display the information about the MLA on its notice boards. This amounted to a contravention, and as an auditor, his report has to disclose it. (TNZ)
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