Varsity Microfinance Bank Posts N10m Profit After Tax

The Minna Microfinance Bank operated by the Federal University of Technology (FUT), Minna has posted N10. 9 million profit after tax in the 2016 financial year.

Mrs Hajara Abdullahi, the Acting Chairperson, Board of Directors of the Bank said this in a statement issued by Mrs Lydia Legbo, the institutions Public Relations Officer, a copy of which was made available to newsmen in Minna on Wednesday.

Abdullahi spoke at the 3rd Annual General Meeting of the bank held at the university.

According to her, the bank also witnessed huge improvement in all segments.

This she noted was in spite of the difficulties witnessed in the year 2016 as a result of the economic recession.

The acting chairperson said that the bank was also able to deliver on its promises to its customers and stakeholders.

She said that the bank’s operation methods were impressive, purpose-driven and surpassed the expectations of the customers.

Abdullahi, however, said that the bank’s Portfolio At Risk (PAR) stood at 10.28 percent due to non- performing status of some of the bank’s loans.

She noted that the bank had been able to recover some loans from its debtors based on aggressive loan recovery strategies introduced.

On the bank’s liquidity ratio, Abdullahi said that the bank’s liquidity ratio stood at 75.93 percent as at Dec. 31, in the period under review.

She said that it was an indication that the bank could meet its financial obligations to its creditors at any point in time.

Abdullahi further stated that the bank had invested massively in Information and Communication Technology (ICT) in view of its importance in financial transactions.

She said that the bank had upgraded and converted its banking application software from Cutebanker II to Cutebanker Lite in order to meet the online banking transaction needs of its customers.

“We are presently working on our banking mobile app and it will soon be inaugurated,” she stated.

The statement also quoted the Vice-Chancellor of the institution, Prof. Musbau Akanji as urging the “bank’s management to maintain the tempo in order to justify the university’s investment in the bank’’.

Represented at the event by the University Librarian, Dr. Jubril Alhassan, the vice-chancellor said the university’ management was proud of the bank’s achievements.






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