Sunday Ehigiator

Accion Microfinance Bank has announced a strong financial performance for the 2024 fiscal year, recording N7.65 billion in gross earnings and a Profit Before Tax (PBT) of N800 million.

This was made known during the bank’s 19th Annual General Meeting (AGM), where Board Chairman, Mr. Christian Ruehmer, highlighted the bank’s achievements and vision for the future.

According to the financial report, the bank’s gross earnings rose by 24 per cent to N7.65 billion, while profit before tax jumped 59 per cent to N800 million, compared to N503 million in 2023.

The loan portfolio expanded significantly by 37 per cent, reaching N16.02 billion, with deposits increasing by 49 per cent to N6.41 billion. Total assets also grew by 31 per cent, amounting to N19.42 billion.

Notably, the bank achieved a reduction in impairment losses on loans, which dropped from N664.83 million in 2023 to N259.50 million in 2024, reflecting improvements in portfolio quality and credit risk management.

Ruehmer emphasised that the bank’s success was anchored on three core pillars: innovation, inclusivity, and responsibility. He stated that these values, supported by deliberate investments in digital infrastructure and operational agility, helped position Accion MfB as a trailblazer in financial inclusion.

“Our commitment remains clear, to continue building a resilient, future-ready bank that is responsive to the evolving needs of our customers,” Ruehmer said. “We strengthened our business model, maintained strong asset quality, and upheld prudent risk management practices, all while ensuring long-term prosperity.”

Speaking on the results, Managing Director and Chief Executive Officer, Mr Taiwo Joda, described 2024 as a “moderately good year” despite early-year disruptions tied to major technology upgrades.

“Though we fell short of our projections due to a rigorous upgrade of our core banking facilities in the first half, we ended the year with a modest and impressive result,” Joda said. “That investment in technology was necessary to deliver better customer experience, greater speed,

The bank opened new branches in Ilorin, Abuja, and Kano in 2024, with plans to launch in Kaduna before the year ends. “Our expansion programme is very deliberate. These locations are focused on the North, where we are supporting the government to bridge the financial inclusion gap,” Joda added.

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