VFD Microfinance Bank has reported a significant 39.8 per cent increase in revenue, rising from N3.2 billion in 2023 to N4.5 billion in 2024. The impressive growth is accompanied by a remarkable turnaround in profitability, with the bank posting a profit after tax (PAT) of N366.6 million, a stark recovery from the previous year’s loss.
The Managing Director/CEO, Rotimi Awofisibe, reflected on the challenges of 2023, describing it as a testing period that sharpened the bank’s strategic focus and operational discipline.
Despite the losses recorded in 2023, Awofisibe highlighted the decisive steps taken to reposition the bank, with the strong performance in 2024 serving as a clear indicator of the success of these strategies.
He reiterated the bank’s commitment to financial inclusion, leveraging digital innovation, and providing tailored solutions for small and medium-sized enterprises (SMEs).
Awofisibe assured that the bank has also strengthened its risk management framework and strategic partnerships aimed at expanding its reach and improving service delivery.
The Chief Operating Officer, Theodore Asamoah, expressed satisfaction with the bank’s operational improvements, noting that the team’s hard work in optimising operations and enhancing efficiency was central to the impressive revenue growth and return to profitability.
He said the bank remains focused on its strategic objectives of deepening financial inclusion, expanding its digital presence, and maintaining financial discipline to ensure long-term value creation. Although no dividend was declared for the year, the bank expressed optimism about future profitability and sustained value creation for its stakeholders.
He added that while the loss in 2023 was disappointing, it was a crucial inflection point that led to the strategic adjustments that fueled the bank’s recovery in 2024
The chairman of the company, Collins Chikeluba, spoke on the unprecedented macroeconomic and operational challenges faced during the review period, explaining that while the loss was unfortunate, it was part of the process of internal adjustments.
He also emphasised that the 2024 financial results reflect a positive turnaround and set the stage for sustainable profitability and future dividend payouts.
Shareholders were encouraged by the bank’s progress and the promising results for 2024, which highlighted the effectiveness of its repositioning efforts.
