{"id":33597,"date":"2019-07-29T16:11:40","date_gmt":"2019-07-29T15:11:40","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=33597"},"modified":"2019-07-29T16:11:40","modified_gmt":"2019-07-29T15:11:40","slug":"npf-microfinance-bank-records-69-percent-fall-in-profitability","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/npf-microfinance-bank-records-69-percent-fall-in-profitability\/","title":{"rendered":"NPF Microfinance Bank Records 69 Percent Fall In profitability"},"content":{"rendered":"<p>NPF Microfinance Bank (MfB) Plc has recorded 69 percent decline in its Profit After Tax, PAT, which fell to N195.7 million in financial year ended 2018 from N631.89 million recorded in 2017.<\/p>\n<p>Speaking at the 25th Annual General Meeting, AGM, held in Akwa Ibom State,<\/p>\n<p>Managing Director\/ Chief Executive, NPF MfB Plc, Mr. Akinwunmi Lawal, said that the drop in profit was occasioned by a fraud of N266.5 million and an initial impact of International Financial Reporting Standard, IFRS 9, which took effect in the accounting year under review.<\/p><div data-ad-id=\"32665\" style=\"text-align:center; margin-top:0px; margin-bottom:0px; margin-left:0px; margin-right:0px;float:none;\" class=\"afw afw_ad_image afw_ad afwadid-32665  \">\r\n                                                            <div style=\"font-size:10px;text-align:center;color:#cccccc;\">Advertisement<\/div>\r\n\t\t\t\t\t\t\t<a target=\"_blank\" href=\"http:\/\/www.accessbankplc.com\" rel=\"nofollow\"><img decoding=\"async\" height=\"auto\" max-width=\"100%\" src=\"https:\/\/nationalwire.com.ng\/wp-content\/uploads\/2019\/06\/Banner-1.jpg\"><\/a>\r\n                                                                        \r\n\t\t\t\t\t\t\t<\/div>\n<p>Lawal said that the fraud has been reported to the regulators and the law enforcement agencies, explaining that a total of N35.5 million has so far been recovered while the balance is still being pursued through all legal means.<\/p>\n<p>He stated: \u201cWe are thus confident of recovering the money which has been fully provided for in the financial statements. Let me also add that it is normal to have an initial significant impact on an organisation\u2019s financials with the implementation of IFRS 9.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>NPF Microfinance Bank (MfB) Plc has recorded 69 percent decline in its Profit After Tax, PAT, which fell to N195.7 million in financial year ended 2018 from N631.89 million recorded in 2017.<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":6,"featured_media":33606,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,1593,17,624],"tags":[5933],"coauthors":[2391],"class_list":["post-33597","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-metro","category-news","category-politics","tag-npf-microfinance"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v18.9 - 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