Microfinance Bank Regains Profitability: A Look at Their 2024 Financial Performance

Keep up with the latest news and be part of our weekly giveaways and airtime sharing; follow our WhatsApp channel for more updates. Click to Follow us

VFD Microfinance Bank has reported a significant turnaround in its financial performance, posting a profit of N366.6 million in the 2024 financial year after suffering a loss of N333 million in the previous year. The bank’s audited results were revealed at its third Annual General Meeting, themed ‘Banking with Purpose, Delivering with Impact’.

For further information, read more details here

Board Chairman Collins Chikeluba attributed the bank’s success to strategic adjustments and a focus on deepening financial inclusion and leveraging technology. “The year under review was one of unprecedented macroeconomic and operational challenges,” he said. “While the loss in 2023 was disappointing, it reflects both the external constraints and the internal adjustments we undertook. Importantly, our 2024 audited financials reflect a positive turnaround, with significant revenue growth and a return to profitability.”

Managing Director/Chief Executive Officer Rotimi Awofisibe highlighted the bank’s revenue growth of 39.8% and profit of N366.6 million as indicators of its effective actions. “The year 2023 was a testing period, but it sharpened our strategic clarity and operational discipline,” he said. “We remain focused on enhancing our digital footprint, scaling our customer base, and maintaining financial discipline to deliver long-term value to all our stakeholders.”

The bank’s revenue increased from N3.2 billion in 2023 to N4.5 billion in 2024, driven by its commitment to driving financial inclusion through digital innovation and tailored SME solutions. Chief Operating Officer Theodore Asamoah emphasized the team’s efforts in optimizing operations and enhancing efficiency, stating, “The significant revenue growth and return to profitability in 2024 are a testament to our collective efforts and the resilience of our business model.”

VFD Microfinance Bank reiterated its commitment to its strategic objectives, including deepening financial inclusion, leveraging technology for scalability, and delivering sustainable value to stakeholders. Although no dividend was declared for the period under review, the bank remains optimistic about its prospects for future profitability and sustained value creation.

Please don’t forget to “Allow the notification” so you will be the first to get our gist when we publish it. 
Drop your comment in the section below, and don’t forget to share the post