NPF Microfinance Bank loan portfolio hits N10bn
NPF Microfinance Bank Plc said it has a total credit portfolio in excess of N10 billion with Portfolio At Risk (PAR) of about 2.57 percent, which is lower than the five percent industry standard.
Managing Director/CEO, NPF MFB, Mr. Akin Lawal, who gave these figures at a media briefing to mark the bank’s 25th year anniversary, also disclosed that the bank has disbursed over N1billion Micro Small and Medium Enterprise Development Fund (MSMEDF), in addition to other developmental funds, to its customers which have been fully paid back.
Lawal further stated that the bank boasts of over 380,000 customers with about 70 percent of them from the bank’s primary constituency – the Police including paramilitary, Prisons, immigration, Customs, while the remaining 30 percent are members of the general public including MSMEs.
He stated: “Total credit portfolio of the bank is far in excess of N10 billion and the PAR which is the measurement of the performance of the portfolio is about 2.57 percent. The internal benchmark of the bank is three percent, while the industry standard is five percent. So the bank uses a lower standard as against the industry standard. This shows that our risk asset portfolio is in high performance, 97 percent of the portfolio is doing well.
“For MSMEDF, initially we are a beneficiary of about N500 million of that scheme and the entire amount was disbursed to the general public and we fully paid. Subsequently, Central Bank of Nigeria (CBN) extended it for us by giving us N1billion, which has been deployed to the general public. Same goes for other developmental partners like Bank of Industry (BoI) and Development Bank of Nigeria (DBN) because of the impressive performance of the bank.”