Umuchinemere Procredit
Microfinance Bank Nigeria Limited

Umuchinemere Pro-credit Micro Finance Bank (UPMFB) Limited has recorded a balance sheet size of ₦1.8billion for its operating year ended December 31, 2011. This represents a 23.83 percent growth when compared with the size in the previous year.

Also, the bank's total deposit grew by 27.34 percent to ₦1.35billion, with a capital adequacy performance ratio of 59.19 percent in 2012, compared to a regulatory minimum of 10 percent.

The bank's total loan to deposit ratio was 29.26 per, well below the CBN benchmark of 70 percent, leaving enough room to grow the loan book in 2012 financial year.

As a result the Enugu-based State micro finance bank paid three kobo dividend per share to its shareholders for the 2011 financial year ended.

According to a statement signed by the Media Relations Manager of the bank, Sir Abuchi Anueyiagu, "Nigeria Deposit Insurance Corporation (NDIC) report of April 2012 confirmed that UPMFB was adequately capitalized for its operation."

Speaking during the 16^th Annual General Meeting (AGM) of the bank, held in Enugu, Chairman of the bank, Rev. Prof. Obiora Ike, explained that the three kobo dividend was necessitated by the need to consolidate the bank's asset base and satisfy the interest of its shareholders, while promising an improved dividend/bonus in the coming year.

Ike hinted that the bank delivered a strong risk ratio, which provided a strong platform for exceptional performance in 2012, saying "Our capital adequacy ratio was over 59.29 percent, compared to a regulatory minimum of 10 percent. Average liquidity ratio was 99 percent compared to a regulatory prescribed minimum ratio of 20 percent."

On operating environment, the bank chairman told the shareholders that steps were presently being taken to upgrade the Amokwe Udi Customer Meeting Point (CMP) of the bank to the status of a branch, to serve the Udi and Oji River axis.

He said that following the elevation of UPMFB to a state microfinance bank cadre, some of its management staff were also elevated to the position of senior managers. They are Charles Iheanacho (Regional Manager, 9^th Mile), Ikechukwu Ngene (Head of Credit/Risk Management), Odinaka Okeke (Head, Business Development), Bibbian Ofoje (Head, Finance and Accounts), Cyprian Ezeagu (Head, Internal Audit), and Cajetan Eze (Head, Human Resources).

The banks Head of Operations, who, together with Odinaka Okeke, emerged successful at the Central Bank of Nigeria Microfinance certification programme, was elevated to the position of Assistant General Manager of the bank.

Two of the bank's directors, Msgr. Obiora Ike and Rev. Fr. Geoffrey Aguigwo, attended a CBN training for banks board members and obtained certificates thereof.