NPF Microfinance Plc reports N1.34 billion pre-tax profit for FY 2022

Key Highlights

• NPF Microfinance Plc’s profit before tax grew by 28.4% to N1.34 billion in FY 2022, up from N1.03 billion recorded in 2021.
• Interest income increased by 22.9% to N5.5 billion, while profit before tax grew by 28.4% to N1.34 billion and profit after tax rose by 24.7% to N882 million.
• NPF Microfinance Plc’s audited financial report for FY 2022 shows strong performance across key indicators.

NPF Microfinance Plc has published its audited financial report for the financial year that ended December 31, 2022, revealing strong performance across key indicators.

The audited financial results, submitted to the Nigerian Exchange Limited (NGX), showed a significant increase in interest income which rose by 22.9% to N5.5 billion, up from N4.5 billion in FY 2021.

The company’s profit before tax grew by 28.4% to N1.34 billion in FY 2022, up from N1.03 billion recorded in 2021.

Profit after tax (PAT) grew by 24.7% to N882 million in 2022, compared to N707 million recorded the year before.

Key takeaways from the financial report are highlighted below.

Gross Earnings

• 2022 FY: N7.15 billion
• 2021 FY: N5.77 billion
• Change: +23.9%

Revenue

• 2022 FY: N6.29 billion
• 2021 FY: N5.06 billion
• Change: +24.3%

Net interest income

• 2022 FY: N5.55 billion
• 2021 FY: N4.51 billion
• Change: +22.9%

Profit before tax

• 2022 FY: N1.34 billion
• 2021 FY: N1.03 billion
• Change: +28.4%

Profit after tax

• 2022 FY: N882 million
• 2021 FY: N707 million
• Change: +24.7%

Bottom line

The growth in pre-tax profits was due to the increase in interest income boosted by loans and advances to customers and credit-related fees and commissions.