By Dipo Olowookere
Shareholders of Nigeria Police Force (NPF) Microfinance Bank will from today begin to receive the 5 kobo per share dividend proposed by the board of directors of the company.
Business Post reports that on Monday, June 24, 2019, the board announced that it was paying the cash dividend to shareholders of the firm for the year ended December 31, 2018.
Today, the lender would be having its Annual General Meeting (AGM) at the Ibom Hotel and Golf Resort, Nwaniba Road, Uyo, Akwa Ibom State by 11am.
At the gathering, shareholders, the highest decision-making group of the financial institution, would either approve or reject the cash reward proposed by the board.
If finally approved, the registrar of the company, Cardinalstone Registrar Limited, would proceed with the payment of the dividend.
Only those whose names appear in the Register of Members as at the close of business on Friday, July 5, 2019, would receive the payment.
In the 2018 financial year, the profit before tax of the lender went down to N287.2 million from N819.8 million in 2017, while the profit after tax dropped to N195.8 million from N631.9 million.
However, in the year, the gross earnings increased to N4 billion from N3.7 billion, while the net interest income rose to N2.5 billion from N2.3 billion.
The personnel expenses slightly increased to N1.34 billion in FY 2018 from N1.31 billion, while the administrative and general expenses jumped to N1.3 billion from N901.7 million.
Adedapo Adesanya