Kayvee Microfinance Bank Limited is proud to announce its financial results for the full year ended December 31, 2024, reflecting an outstanding performance across all critical areas of our business. The year marks a significant milestone in our journey, with key financial indicators demonstrating remarkable growth that affirms the strength of our operational model, governance, and strategic initiatives.
Our Profit Before Tax (PBT) surged by an extraordinary 501%, rising to ₦371 million compared to ₦62 million in 2023. Equally impressive is our Profit After Tax (PAT), which climbed by 556% to ₦228 million from ₦41 million in the prior year. These figures are a testament to the hard work of our entire team and the trust our customers have placed in us.
The Central Bank of Nigeria has reviewed and approved these results, underscoring the credibility and transparency that we maintain in all our operations. This approval further bolsters our commitment to uphold the highest standards in governance and regulatory compliance.
Our growth is underpinned by several key drivers. Interest income rose sharply by 164%, while net interest income increased by 240%, reaching ₦475 million. This growth highlights the robustness of our core lending activities and the diversification of our revenue through fee-based income streams.
At the same time, we have focused intently on operational efficiency. Our Cost-to-Income Ratio improved from 80% in 2023 to 60% in 2024, reflecting tighter cost controls and more efficient resource management. Additionally, our Cost of Risk remains notably low at 0.3%, which is well below industry averages and demonstrates the effectiveness of our risk management framework.
The quality of our loan portfolio also improved significantly. The Non-Performing Loan (NPL) ratio declined to 4% from 7% the previous year, while the NPL coverage ratio increased to 82% from 52%. These improvements indicate prudent lending practices and robust provisioning for potential credit losses, ensuring the bank’s financial health and stability.
Our profitability ratios further illustrate our success. We achieved a net margin of 16%, alongside a remarkable Return on Equity (ROE) of 88%. The basic earnings per share (EPS) stood at 1.90 kobo per share, highlighting the value delivered to our shareholders.
Our Chairman, Mr. Ade-Ibileke Adebayo, attributes these achievements to sustained investment in talent and technology, alongside a steadfast commitment to product innovation and exceptional customer service. He emphasizes that these results reflect strong governance from the Board and the diligent execution of strategies by management.
Mrs. Olatoun Ogunnaike, our Managing Director, regards these results as a pivotal moment in Kayvee MFB’s ongoing transformation. She highlights that while these achievements are significant, the bank’s focus remains on leveraging technology to enhance customer experience and expand our reach. Innovations such as the Kayvee MFB mobile app, branded debit cards, and wider deployment of point-of-sale terminals are central to our growth strategy.
Mr. Ayoku Liadi, Group Managing Director of Bay Holdings and a key investor, remarks that since acquiring Kayvee MFB in April 2022, the bank has undergone a profound transformation. Starting with modest assets and deposits, the institution now boasts a more than 100-fold increase in customer deposits and substantial growth in other financial metrics. This achievement, he notes, is due to strategic investments in governance, systems, and people.
The 2024 financial results firmly establish Kayvee Microfinance Bank as one of Nigeria’s fastest-growing microfinance institutions. Our clear upward trajectory positions us well to continue supporting financial inclusion, delivering value to customers, and generating sustainable returns for shareholders.
We extend our gratitude to our customers, staff, shareholders, and regulators for their continued support. Kayvee MFB remains committed to driving growth responsibly and providing excellent financial services that empower individuals and businesses across Nigeria.
As we look ahead, our vision is to further strengthen our market presence, deepen customer relationships, and sustain operational excellence. Kayvee MFB is ready to meet the challenges of tomorrow and seize new opportunities in the evolving financial landscape.
