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Head Office:
312, Effurun Sapele Road
Effurun-Warri, Delta State
Nigeria
Tel; +234-807-5787222
Email: headoffice@icglobalmfb.com

 

 

Managing Director's Report

Distinguished Shareholders,
Board of Directors,
Special Guests
Ladies and Gentlemen


I am pleased to welcome you to the 15th Annual General Meeting (AGM) of our bank and feel honored to present the financial accounts of the bank for the period ended 31st March 2009.


A microfinance bank has come to stay in Nigeria and their activities are supervised and regulated by Central Bank of Nigeria (CBN) and Nigeria Deposit Insurance Corporation (NDIC) just like the commercial banks. Our bank is one of the fast growing banks in the micro finance banking industry in Nigeria.

 

THE BANKS FINANCIAL PERFORMANCE


The economic environment within which we operated during the period under review was very harsh. Monetary and fiscal policies of government coupled with the financial met down adversely affected business bus because of our aggressiveness to strive higher; we were able to maintain our consistent growth during the year. The banks turnover increased from N154.517 million to 446.476 million representing 188.95% during the year under review and profit after taxation dropped from N59.59 million in 2008 to N39.07million representing -34.44%. The drop was as a result of the cost associated with conversion, consolidation and acquisition exercise during the period. The balance sheet was closed with N2.241 billion (Total Assets) as against N1.027 billion in 2008 to N402.384 million in 2009.


The aggregate Deposit Liabilities which is one of our major Balance Sheet items grew by 98.15% from N578.554 million in the previous year to N1,146,369 billion in the year under review indication a net growth of N567.840 million.
Loans and advances roused from N445.466 million in 2008 to N579.296 million recording a growth rate of 30.04%.


In spite of the growth on loans and advances, we were liquid enough to meet our customer’s cash demand at all time. Our operating expenses for the enlarged bank was N189 .419 million as against N51.371 million in 2008 when it was one office bank indicating an increase of (263.73%). Similarly, provision for Risk assets losses stood at N117.554 million as against N10.515 million in the previous year representing 1,017.96%

 

 

APPROPRIATION


In order to comply with the regulatory and provision of the law, the sum of N9.767 million has been set aside as retain profit for the year 2009.
The directors recommend for your approval a dividend of four kobo on each 50 kobo ordinary share to be paid to shareholders whose name appear in the register as at 31st March 2009. When approved, the payment will be implemented in financial statement of the current year.

 

LOCATION OFFICES


As reported during the last AGM on the locational offices of our bank, there was a tremendous increase in number of locations during the year as we opened more locational offices at Patani, Koko, Obiaruku, Abraka, Otor-Igho (Otibio), Araya, Igbide, Akwukwu-Igbo, Eku. This is to ensure that we have a wider coverage in rendering our banking services at the grassroots. These communities where we have locations are happy and we are enjoying good patronage from them.

 

INFORMATION TECHNOLOGY


In order to link our branches/locational offices to each other, we have engaged the services o Wide Area Network Engineers and a better Software-CorePlus owned by probanx information system which is a Wide Area Network compliance software to ease our operations to enable us render quality service to our customers. This exercise is currently going on and when completed our customer would be able to transact their banking business online real time in any of our branches/locations through out the state.

 

COMPETITION


We are in a very competitive environment as so many microfinance banks has emerge. As at today’s we have about 34 microfinance banks in Delta state and over 904 Nation wide.
We found a situation where we even meet commercial bankers in microfinance market where we struggle for the same customer. This shows how competitive the market is. However, we were able to strategised during the period to attract more customers.

 

 

RELATIONSHIP WITH GOVERNMENT PARASTATALS AND AGENCIES


We have identified ourselves with government in the area of poverty eradication in Delta State. We are one of he official bankers to Delta state micro credit programme (DMCP) were various micro loans were disbursed to some active poor people for business by National Poverty Eradication Programme (NAPEP) and Delta State Ministry of Agriculture where the empowered through our bank in Agriculture.

 

NEW PRODUCTS/SERVICES


In addition to the existing products/services which were reported during the 2008 AGM, the bank introduced a new product called IC-Telecom. This product is for those in the telecommunication industry. Details of it are in our handbill which can be collected at any of our offices. We encourage you to patronize our existing and the new products.

 

MANPOWER DEVELOPMENT AND TRAINING


In our business, profitability, growth and survival is of paramount important to us. we emphasis on human capital development. Consequently, we recruit, train and retrain our staff regular using different training organizations such as Central Back of Nigeria, ICAN, CIBN so as to acquire the up to date skills required for effective performance to Maximize output.

 

PRIVATE PLACEMENT


The private placement exercise which was extended has been closed. Allotment and issue of share certificate is currently going on to those that acquired the shares of the bank during the period and before the private placement exercise. Share certificate has been dispatched to shareholders, but if you have not received your certificate you may call on the secretary to the Bank.


SHARE CAPITAL


The share capital of the bank roused by N20,687,500 from N100,000,000 to N120,687,500 as at 31st March 2009, the increase was as a result of the shares of the acquired three community banks namely,
Iloho Co-operative Comm. Bank Ozoro                                 -           15,187,500
Ndokwa Community Bank Kwale                                          -           4,000,000
African Community Bank Sapele                                           -           1,500,000

The proceed realized from the private placement will further enhance our share capital.

 

CORPORATE GOVERNANCE


The bank practice good corporate governance as the Board and management performs their various roles/functions effectively. The Board has various committees in line with the regulatory guidelines to perform their over sight functions/responsibilities, viz Loan board Committee, Board Audit committee, investment committee.

 

OUR EXPECTATIONS IN 2010


In spite of the present economic melt down in the country with crises all over the banking sector, we are determined to offer quality customer satisfaction in the new year. We shall concentrate and monitor the existing branches/locations for effective performance and we will continue to focus on profitability and liquidity to ensure that we maintain above average in our profitable and liquidity ratios at all time so as to render good returns to our shareholders.

 

CONCLUSION


Distinguished Ladies and Gentlemen, let us thank God for His wonderful work in our bank. Their was no loss of live and property during the period. It was all success stories. I want to thank the Chairman and Members of the Board of Directors for their cooperation through out the period.
Finally, I thank our valued customers and shareholders for their confidence and patronage especially during our private placement exercise. We count on your efforts towards the growth and development of the bank.

 

Chief Omoyibo Lucky
Managing Director/C.E.O