It was a joyous atmosphere on Wednesday 21st December, 2022 as Legend Microfinance Bank held its annual general meeting (AGM) at its new global headquarters in Inisa, Odo-otin South LCDA of Osun State.
The AGM also coincides with the official commissioning of the multi-million naira global headquarters of the bank. The office complex was commissioned by the Olunisa of Inisa, Oba Joseph Oyedele Fasikun II.
According to the Chairman of the Board of Directors, Prof Labo Popoola, the bank has over the last 15 years stayed true to its mission of economically empowering micro-entrepreneurs and low-income earners by providing financial services.
The Managing Director, Mr Yinusa Musiliu Ayofe said, “The 2021 was a pivotal and a redefining year for Legend MFB as we worked strategically to return the institution back to the path of sustainable profitability.”
Musiliu said the bank believed this was a tip of the iceberg as projected forecasts, transformation, and tech & innovation strategies for the short to midterm were expected to boost earnings and returns for shareholders.
Popoola, who is equally the immediate past Vice Chancellor of the Osun State University, Osogbo, said the bank’s market dominance reflected in total number of clients which rose by 8.75% from 15,014 in 2020 to 16,327 in 2021.
“The liquidity management as well as cashless economy drives in the country impacted our grip of steady deposit position recorded at N252.4m in 2021 against N195.8m in 2020 with percentage increase of 28.9%. An improved rate of 14.5% was recorded on our Impaired Risk Assets from N99.5m in 2020 to N113.9m in the year 2021. The continuous risk asset expansion equally reflected in the bank’s Liquidity trends as recorded from 70.43% in 2019, 62.53% in 2020 and 55.22% in 2021. Gross earning improved to N42.3m in the year 2021 from N36.6m recorded in 2020, representing a 15.57% increase. Profit Before Tax (PBT) for 2021 was N5.49m against a position of N6.26m in 2020 representing a 12.3% decline mainly due to adoption of requisite Standards in the year. The value of our shareholders equity received positive business impacts from N59.6m in 2020 to N63.8m in 2021 by 7.05% (Inclusive of Net Deferred Tax Assets Value N6.835m).’
The board chairman attributed the performances of the bank over the past years to innovativeness in key areas of customer-centric service delivery, powered by world-class technologies and solutions, human resource capacity building and shareholders and customers’ growing confidence.”
He concluded by revealing that the bank is positioned to compete with commercial banks globally in the next five years.
Speaking with InsightMedia, the Managing Director, Mr Musiliu, appreciated the support of the boards, the shareholders and customers of the bank for the progress recorded in the year under review.
Musiliu said the new global headquarters was achieved as a result of strong strategic planning and commitment. He stated that the office complex will not only impact on their jobs positively, but also help them in achieving the set goals.
Shareholders in attendance commended the company for its transparency in the published financial statements and its adherence to legal and ethical requirements as corroborated by the company’s auditors who were also present.
Prof Popoola was unanimously reappointed as the Chairman of the Board of Directors for another term through resolution moved by Chief Joseph Adeleke Oyedeji, supported by Otunba Fola Adegbite and Mr Femi Oyebode and the resolution was later endorsed with affirmative voice echoed by the present shareholders.
