This comes as the bank eyes full commercial bank status with a plan to enter the competitive market as a regional player. The Chief Executive Officer of the bank, Mobolaji Adewumi, disclosed this in his statement at the bank’s yearly general meeting held in Lagos.
The bank had unveiled a new strategic vision a few years ago. Subsequently, VFD Group Plc acquired 35 per cent stake in the old PMI with a commitment to work with the team to reposition for efficiency and better performance. In the last financial year, its loans and advances rose from N4.79 trillion to N6.16 trillion, showing a growth rate of 28.6 per cent, while deposits were up 45.4 per cent to hit N21.2 billion.
Its earning per share rose from -62.65 kobo posted in 2020 to 8.86 kobo. In the financial year, it grew its earnings from N1.52 billion to N3.68 billion – a growth of over N140 per cent. Its net operating income moved from a negative region of –N2.91 trillion to N2.18 trillion.
Source: Loan Digest (loandigest.net)
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