VFD Microfinance Bank Reports N366m Profit in 2024 Rebound
VFD Microfinance Bank has made a strong recovery in the 2024 financial year, reporting a profit of N366.6 million, a significant turnaround from the N333 million loss it incurred in 2023. The bank revealed these results at its third Annual General Meeting (AGM), which took place under the theme “Banking with Purpose, Delivering with Impact.”
The AGM highlighted the challenging macroeconomic conditions that characterized 2023, including high inflation, currency depreciation, and slow GDP growth, all of which affected the financial services sector. Despite this, VFD Microfinance Bank focused on making strategic adjustments to improve its performance, culminating in a return to profitability in 2024.
Collins Chikeluba, the Board Chairman, expressed that the 2023 loss was an unfortunate but necessary phase that prompted significant internal adjustments. He emphasized that the 2024 results reflect a successful turnaround, with the bank now positioned for sustainable profitability and potential future dividend payouts. His focus remains on financial inclusion and using technology to drive growth.
Rotimi Awofisibe, the Managing Director/CEO, reinforced this sentiment, stating that while 2023 was a tough year, it provided clarity on the bank’s strategic direction. He highlighted the 39.8% revenue growth in 2024, which rose from N3.2 billion in 2023 to N4.5 billion, as a direct result of the repositioning efforts. The bank’s ongoing focus is on expanding its digital presence, increasing its customer base, and maintaining financial discipline.
The Chief Operating Officer, Theodore Asamoah, praised the bank’s operational improvements, noting that the team had worked tirelessly to enhance efficiency. The positive results were seen as a testament to the resilience of the bank’s business model and its commitment to leveraging technology for better service delivery.
While no dividend was declared for the period under review, the bank remains optimistic about its future prospects. With a focus on deepening financial inclusion, expanding digital solutions for SMEs, and strengthening customer engagement, VFD Microfinance Bank is confident in its ability to sustain its positive momentum in the years ahead.
