Prime Business AfricaThe NPF Microfinance Bank has reported N4.50 billion as gross earnings for the first quarter (Q1) of 2025, noting that it rose by 63.96 percent compared to the N2.74 billion posted in the corresponding period last year.
According to the company’s Q1 2025 financial statement, Interest income also increased in double digits, as it grew by 56.63 percent year-on-year from N2.51 billion to N3.93 billion.
Join our WhatsApp ChannelNPF paid N297.34 million as interest expenses for deposits and borrowings during the period under review, compared to N277.49 million reported in the same period in 2024.
The 7.15 percent increase in interest expense followed a 61.20 percent rise in the company’s deposits from customers, which rose from N27.90 billion in Q1 2024 to N44.98 billion in Q1 2025.
Also, net interest income grew by 62.78 percent year-on-year from N2.23 billion to N3.63 billion, while fee and commission income rose in three-digits or 141.98 percent from N236.17 million to N571.51 million during the same period.
Other operating expenses increased to N1.38 billion in the first quarter of 2025, compared to the N947.45 million posted in the corresponding period last year, indicating a growth of 46.09 percent.
At the end of the quarter under review, NPF Microfinance reported that its profit before tax (PBT) rose threefold or 102.78 percent to N1.52 billion, against the N749.90 million filed in the previous year.
As a result, the company’s income tax grew by three digits from N187.47 million in Q1 2024 to N545.53 million in Q1 2025, reflecting a 190.98 percent increase.
This knocked down the growth in the bottom line to 73.37 percent year-on-year, as profit for the quarter under review rose from N562.42 million to N975.13 million.
In addition, NPF Microfinance’s total assets increased by 39.64 percent to N67.75 billion in the first quarter of this year, up from N48.51 billion during the same period in 2024.
Also, total liabilities grew from N35.32 billion in Q1 2024 to N55.86 billion between January and March 2025, indicating an increase of 58.13 percent.
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