KCMB Microfinance Bank, a new generation financial institution, has held its 9th annual General Meeting for the year ending December 31, 2020 on Wednesday, 26th April, 2022 in Ilorin, the Kwara State capital.
The event, which is the annual gathering of shareholders and other critical stakeholders of the bank, deliberated on the growth trajectory of the bank, the financial results for the year 2020, appointment of returning directors to the board of the bank as well as the appointment of auditors for the 2021 financial year.
The Chairman of the bank, Mr Olusoji Oyawoye said the critical meeting, which was supposed to have held, was delayed due to the COVID 19 pandemic.
Oyawoye, who said the bank’s operations in 2020 was hindered by the outbreak of Coronavirus observed that “The meeting of today was to review our 2020 financial year report which is coming behind our usual timeline. We experienced delay in obtaining approval for our bank’s financial statement from the Central Bank of Nigeria. There is however the need to convene this meeting to review and deliberate on the accounts in line with the extant regulations.”
The bank’s helmsman, while narrating the impact of the COVID 19 outbreak on the performance of the financial institution, maintained that the year 2020 was rough and unprecedented. “The world experienced the emergence of the Covid-19 pandemic and this event presented a major challenge to our business, like other businesses globally. And as a result of this event, the management of the bank even had to review our business model with some far-reaching decisions which helped us to reach the results we are now here to review and approve,” he explained.
Continuing, the bank Chairman said there were major innovations in the areas of customer recovery and acquisition which helped the company to stay above board in its performance, despite the challenges.
According to him, “The key performance indicators of the financial year in question will help you see how we have provided guidance to improve on our 2019 results, which translates to an improvement on the value of your investment in the days and years to come.
“In the financial year 2020, our gross earnings stood at 71.6million naira which represented a 15 percent growth on our 2019 performance of 62.4 million naira. The bank balance sheet also grew to 373.8million naira in the year 2020, from 344.1 million naira in 2019, representing a growth of 9 percent. Also, the bank recovered the sum of 44.275 million which is about one-third of the existing bank loans. The recovery helped us to absolve the loan loss write off of about 30.7 million approved by the board. All this translated into a loss of 11.165 million naira.”
Oyawoye then assured the bank’s investors that efforts will be put in place to ensure greater efficiency and prudent cost management, as well as relentless pursuit of recovery and efficient risk management of the bank portfolio. He also expressed gratitude to the bank’s financial shareholders, staff, partners and customers for their commitment.
At the event, two of the Directors on the board of the bank, Mr. Femi Morounkeji and Mr. Alaba Odunlami, presented themselves for re-election and were unanimously re-elected. Messrs. S.O and C Compliance Services were also unanimously appointed as auditors of the bank for the year 2021.
Present at the well attended meeting were Dr. Fatai Bello, Managing Director and Chief Executive Officer of the bank; Mrs. Kemi Akande, Head of Internal Audit; Mr. Jimoh Oladele, Accountant; and Mr. Ayoola Babalola, representing the external auditor. Others were Mr Femi Morounkeji, Mr Alaba Odunlami, and Alhaji Folorunsho Abdulrazak who are all board Directors in the bank.