Fortis Microfinance Bank Grows Assets To N19.94billion

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Fortis Microfinance Bank Plc has grown its total assets by 20 per cent to N19.94 billion for the financial year ended December 31, 3015 against N16.59billion in 2014.

The bank’s gross earnings increased by nine per cent, from N3.36billion in 2014 to N3.65billion in 2015 while total deposit also increased by five per cent from N9.59 billion in 2014 to N10.03billion in 2015.

Commenting on the bank’s performance during its Annual General Meeting in Abuja on Thursday, June 30, the Chairman, Mr Felix Achibiri, described the 2015 financial year as being a “tumultuous operating environment.”The bank was able to deliver returns to shareholders, as it declared bonus shares of one-for-one to its existing shareholders.

Achibiri stated that “the Board of Directors had approved and hereby recommends for your kind approval a bonus share of one share for each ordinary share held by members of the company as at 31st December, 2015”. The shareholders at the AGM accordingly ratified the resolution.

Fortis Microfinance bank plc’s Total loans and advances increased by 19 per cent to N13.92 billion from N11.73 billion in 2014.

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About Haruna Magaji 2424 Articles
Haruna Magaji is a journalist, foreign policy expert and closet musician. He is a graduate of ABU Zaria and a member of the Nigerian union of journalists. JSA, as he is fondly called, resides in Suleja, Abuja. email him at - [email protected]

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