First Royal Microfinance Bank based in Calabar, Cross River State capital, has recorded a N20miliion profit after tax for the 2016 financial year.
Speaking at the 25th Annual General Meeting (AGM), the Chairman, Olumba Olumba Obu, said with limited resources, they had within their competitive environment delivered sustainable financial performance in 2016.
Obu, who was represented by a Director, Shepherd Bassey Akpan, said despite the global economic downturn which affected the capital market, the bank has maintained a sustainable financial year.
“Most industries and companies met their bottom line with deficit, but our bank faced the tough challenge, yet could break even,” he said.
He said the board of directors and management staff have taken several measures and steps to mobilize more shares for the bank.
“The Board further moved towards the expansion of the bank by opting for a statewide microfinance bank. Our bank received an approval from the Central Bank of Nigeria to operate statewide. Consequently, two branches have been proposed to be opened in Akamkpa and Calabar Municipality awaiting CBN approval.
“Unequivocally, our microfinance bank is witnessing rapid development. Efforts are being made to ensure that we carry out our expansion programme to cover the entire state, in readiness for further expansion nationwide,” he said.