By Nabilu Balarabe
The Yobe Microfinance Bank on Monday says its loan portfolio has increased to over N393 million from 78 million in the past three years.
The loans recorded significant increase from 2019 to date, according to the Bank’s Managing Director and Chief Executive Officer (CEO), Dr Sheriff Almuhajir.
Almuhajir disclosed this at the staff annual retreat of the bank in Damaturu.
According to him, the loans aim at providing financial support to farmers, civil servants, micro and small scale businesses, among others.
He said the bank had posted a profit of N42 million in 2021 financial year as against the N1.3 million profit declared in 2019.
“The profit after tax rose by 40 per cent from N1.3 million in 2019 to over N42 million in 2022,” Almuhajir said.
He said the bank’s individual account holders also increased to 86,000 as against 8,000 in 2019.
The Managing Director said the bank had introduced new products including Business Capital Participatory Financing and Social Group Insurance Financing to enhance financial inclusion.(NAN)