Yobe MFB loan portfolio hits N393m in 3 years

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The Yobe Microfinance Bank on Monday says its loan portfolio has increased to N393 from N78 million in 2019.

Dr Sheriff Almuhajir, the Bank’s Managing Director and Chief Executive Officer, disclosed this at staff annual retreat of the bank in Damaturu.

Gov. Mai Mala Buni of Yobe (Right), Sheriff Almuhajir, MD Yobe Microfinance Bank

According to him, the loans are aimed at supporting, 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 by it in 2019.

“ The profit after tax rose by 40 percent from N1.3 million in 2019 to over N42 million in 2022,” Almuhajir said.

The Managing Director said the bank’s individual account holders had increased to 86,000 from 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. (ireporters.ng)

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