NPF Microfinance Bank Plc is to inject fresh capital of N3.43 billion into its operations. In a notification to stock market operators, the Nigerian Stock Exchange (NSE) said the NPF Microfinance Bank had submitted an application for a rights issue of 2,286,657,766 shares of 50 kobo each at N1.50 per share. The rights issue would be made to existing shareholders in the ratio of one new share for every one already held. The microfinance bank recently paid a dividend of N114 million or five kobo per share for the year ended December 31, 2018.
The financial institution ended 2018 with a decline of 69 per cent in profit after tax. The Managing Director/CEO of NPF Microfinance Bank, Mr. Akinwunmi Lawal, explained to the shareholders at the 25th annual general meeting (AGM) recently that PAT fell to N195.7 million in 2018, from N631.89 million in 2017.
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