FINANCIAL STATEMENTS 2010
A global Player in the Microfinance banking Industry
FINANCIAL STATEMENTS AS AT 2010 – SEPTEMBER
Highlights
a. Shareholders funds N84, Million
b. Total deposits as September, 2010 N204 Million
c. Total credits as at 2010 N204 Million
d. 5 years deposit 2005 – 2010 N883 Million
e. 5 years credit 2005 – 2010 N760 Million
f. 5 years income 2005 – 2010 N177 Million
g. Recovery as at September 2010 N556 Million (73.2% recovery)
h. Reserved profit N43.5 Million
PRUDENTIAL COOPERATIVE MICROFINANCE BANK LIMITED
FIVE YEAR FINANCIAL SUMMARY
FOR THE YEAR ENDED 31 DECEMBER, 2010.
2010 2009 2008 2007 2006
Assets N N N N N
Cash and short term fund 57,847,687 76,787,572 45,932,000 16,572,044 4,655,444
Investments 2,761,000 2,341,000 2,250,000 1,847,268 1,397,268
Loans and advance 152,250,318 139,173,278 90,568,732 23,076,647 23,217,841
Other assets 93,408,315 50,575,797 11,217,192 8,134,679 4,040,247
Fixed assets 7,069,169 3,785,429 1,743,948 1,109,035 917,086
313,336,489 272,663,076 1,743,948 50,739,673 34,227,886
Liabilities:
Deposits and other Accounts 205,085,234 191,328,000 177,301,000 20,763,088 34,282,177
Other liabilities
23,139,664 32,677,980 5,757,738 3,043,097 2,996,743
228,224,898 224,005,980 123,058,738 23,806,185 37,278,860
Shares Capital 43,122,958 37,847,000 30,635,000 30,635,000 5,000,000
Statutory Reserves 25,042,304 9,453,035 3,034,554 1,977,228
Retained Profits (loss) 16,946,329 1,357,061 (5,061,420) (6,073,746) (8,050,974)
Shareholders Fund 85,111,591 48,657,096 28,653,134 26,538,482 3,050,974
Gross Earnings 82,301,696 52,607,178 32,426,368 15,642,502 12,381,843
Profit/ (Loss) Before Taxation 38,214,590 18,677,884 3,109,783 5,815,377 302,698
Taxation 7,036,053 6,040,923 995,130 (1,860,921)
Profits / (Loss) after taxation 31,178,537 12,836,961 2,114,653 3,954,456 302,698