NPF MICROFINANCE BANK : QUARTER 1 - FINANCIAL STATEMENT FOR 2022

NPF

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NPF MICROFINANCE BANK PLC

RC. 220824

1ST QUARTER REPORT

31 MARCH 2022

NPF Micrnjimmce JJ1111J. P/.C tst Q11arrer Report -31 March 2022

STATEMENT OF FINANCIAL POSITION
AS AT
Audited
/11 thousands of naira	Note	31-Mar-2022	31-Dec-2021
ASSETS
Cash and cash equivalents	15	10,026,225	6,610,039
Pledged assets	16	817,820	842,096
Loans and advances to customers	17	20,590,810	17,447,816
Investment securities	18	1,005,136	1,004,954
Other assets	19	813,744	5,010,232
Property and equipment	20	986,108	1,007,541
Intangible asset	21	40,006	44,667
TOTAL ASSETS	34,279,849	31,967,345
LIABILITIES
Deposits from customers	22	16,280,009	16,278,901
Borrowings	23	2,359,039	2,708,090
Currenttax liabilities	14(b)	88,581	332,353
Deferred tax liabilities	14(c)	71,370	71,370
Other liabilities	24	4,642,810	6,845,666
TOTAL LIABILITIES	23,441,809	26,236,380
CAPITAL AND RESERVES
Share capital	25	2,696,829	I, 143,328
Share premium	26(a)	4,624,486	1,517,485
Retained earnings	26(b)	1,582,366	1,140,649
Fair value reserve	26(c)	(2,141)	(6,997)
Statutory reserve	26(d)	1,513,373	1,513,373
Regulatory risk reserve	26(e)	423,127	423,127
TOTAL EQUITY	10,838,040	5,730,965
TOTAL LIABILITIES AND EQUITY	34,279,849	31,967,345

Thefinancial statements were approved by the Board of Directors on 28 April 2022 and signed on its behalf t-v:

F.C. Nelson, FCA

Chief Financial Officer FRC/2014/ICAN/00000006856

The accompanying notes are an integral part of these financial statements.

Managing Director/Chief Executix c Officer FRC/20 l 4/CIBN/00000006345

NPF Microfinance /Jank PLC Isl Quarter Report - 3/ March 2022

STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE PERIOD ENDED

/11 thousands of nalra	Note	31-Mar-2022	31-Mar-2021
Gross earnings	1,468,398	1,291,854
Interest income calculated using the effective interest method	7	1,290,291	1,122,290
Interest expense	8	(174,081)	(128,080)
Net interest income	1,116,210	994,210
Fee and commission income	9	171,252	160,837
Revenue	1,287,462	1,155,047
Other income	IO	6,855	8,727
Net impairment writeback on financial instruments	11	20,522
Personnel expenses	12	(459,151)	(412,067)
Administration and general expenses	13	(447,825)	(398,484)
Depreciation of property and equipment	20	(65,440)	(53,876)
Amortisation of intangible assets	21	(4,661)	(5,010)
Profit before tax	317,240	314,859
Income tax expense	14(a)	(79,310)	(78,715)
Profit for the period	237,930	236,144
Other comprehensive loss
Items that will never be reclassified to profit or loss
Equity investment at fair value through OCI	18(a)	4,856	6,341
Other comprehensive loss for the period	4,856	6,341
TOTAL COMPREHENSIVE INCOME FOR THE PERIOD	242 786	242 485
Basic and diluted earnings per share (kobo)	32	4	10

The accompanying no/es are an integral part of these financial statements.

2

NPF Microfi,umce Bani, Pl.

IM Quarter Report - JI March 20;

STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED 31 MARCH 2022

Share CapitalShare Premium

• Balance at 1 January 2022 1,143,328 1,517,485

  RegulatoryRetained Earnings 1,140,649

  Fair Value

  ReserveStatutory

  Reserve 1,513,373

  Risk ReserveTotal

  (6,997

  I

  423,127 5,730,965

• Increase in share capital 1,553,501 3,107,001 4,660,502

• 2,696,829 4,624,486

  Total comprehensive income Profit for the year

  Audit adjustments

  Other comprehensive loss

  Fair value reserve (FVOCI equity instruments):

  Equity investments at FVOCI - net change in fair value Gain on derecognition of equity investments

  Total other comprehensive loss

  Total comprehensive income Transfer to statutory reserve Transfer to regulatory risk reserve

  Contributions by and distributions to equity holders Dividend paid

  Total contributions and distributions

• Balance at 31 March 2022 2,696,829 4,624,486

FOR THE PERIOD ENDED 31 MARCH 2021

Balance at 1 January 2021 Total comprehensive income Profit for the period

Audit adjustments

Other comprehensive loss

Fair value reserve (FVOCJ equity instruments):

Equity investments at FVOCJ - net change in fair value Total other comprehensive loss

Total comprehensive income Transfer to statutory reserve Transfer to regulatory risk reserve

Contributions by and distributions to equity holders Dividend paid

Total contributions and distributions Balance at 31 March 2021

Share Cal!ital 1,143,328

1,143,328

The accompanying notes are an integral part of these financial statements.

1,140,649

(6,997

I

• 1,513,373 423,127 10,391,467

237,930 237,93(

203,787 203,78,237,930

1,582,366

Share Premium 1,517,485

Retained Earnin~s 1,127,458 236,144 343,160

579,304

• 1,517,485 1,706,762

4,856 4,856

4,856 4,856

4,856 242,786

(2,141)

1,513,373

423,127 10,838,040

RegulatoryFair Value

Reserve (6,217)Statutory

Reserve 1,424,936

Risk ReserveTota

• 274,594 5,481,58<

  236,14t 343, 16(

  6,341 6,341

  6,341 6,341

  6,341 585,645

  124

  1,424,936

• 274,594 6,067,22!

NPF Microfinance IJt111/, PJ.C 1st Quarter Report - 31 March 2022

STATEMENTOF CASH FLOWS

FOR THE PERIOD ENDED

/11 thousands of naira

Cash flows from operating activities Profit for the period

Add: Tax expense Profit before tax Adjustments for:

Depreciation of property and equipment Amortization of intangible assets

Note

31-Mar-21122

31-Mar-2021

237,'-J .o 236,144

14(a)

79,3 I 0 78,715

317,210 314,859

20 21

65,410 53,876

4,61,I 5,010

Net impairment loss on loans and advances to customers II (20,522)Net impairment loss on cash and cash equivalents Net impairment loss on pledged assets

Net impairment loss on other assets

Net impairment (gain)/ loss on investment securitiesII II II ]]

Interest income 7

Interest expense 8

Profit on sale of property and equipment 10

Gain on disposal of treasury bills 10

Gain on derecognition of lease liability 10

Changes in:

• - pledged assets

• - loans and advances to customers

• - other assets

• - deposits from customers

• - other liabilities

Interest received Interest paid

Tax paid 14(b) VAT paid 24

Net cash generated from operating activities

Cash flows from investing activities Acquisition of property and equipment

Acquisition of intangible assets 21 Payment for new leased properties

Proceeds from disposal of property and equipment Purchase of treasury bill investments

Proceeds from disposal of treasury bill investments Net cash flows used in investing activities

Cash flows from financing activities

Repayment of principal on borrowings 23(b)

Repayment of interest on borrowings 23(b)

Payment of principal on lease liability 24(c)(i)

Payment of interest on lease liability 24(c)(i)

(l ,290,2 '!I)

(1,122,290)

174,0S l

((,3)

128,080 (1,740)

(728,9 ;2) (642,727)

30,219 (13,579)

(3,125,9"8) 3,839, 1,,0

(3,818,891)

(226,723)

(IO,rO)

(4,762,171)

(2,l 99,8 '2) (2, 196,3113) 2,259,rs

3,348,130

(6,115,961)

1,826,222

(486,9,,9) (128,102)

(323,0,,2) (247,862)

( 15,3,,I)

(762,4-0)

(4,665,703)

(J,21r5)

(75,988) (I 6,125)

(26,TJ) (7,695)

113 1,740

(27,415) (98,068)

(405,4~8) (299,354)

(28,5~8) (44,354)

( 13,61, I) (8,778) (6,8.'1))

Additions to borrowings 23(b) 390,000 Dividend paid

Proceeds from increase in share capital

Net cash (used in)/gcncratcd from financing activities

Net increase in cash and cash cqnivalcnts

Cash and cash equivalents as at I January Cash and cash cguivalents as at 31 March

The accompanying notes are an integral part of these financial statements.

SOCIE

4,660,51, ~

4,205,9li5 37,514

15

3,416,1110 6,610,%•) 10,027,08')

(4,726,257) 5,678,752 952,495

4