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Tuesday, May 11, 2021

DBN Disbursed N191bn To SMEs In 2020 — Report

The Development Bank of Nigeria (DBN) Plc has said it disbursed N191.7 billion to Small and Medium scale Enterprises (SMEs) in 2020, rising by 89 percent from the N101.5bn in 2019.

The DBN noted that this growth is in line with its core mandate of facilitating sustainable socio-economic development by improving financial access for MSMEs in Nigeria.

According to its financial report, it recorded a growth of 4% in total assets from N474.7bn in 2019 to N493.5bn last year, while outstanding loans increased by 110% from N101.9bn in 2019 to close at N214bn.

Income from loans also grew significantly by 60% from N6.6bn in 2019 to N10.5bn in 2020; return on assets and return on equity stood at 4% and 11% respectively for the year ended December 31, 2020. Several cost containment strategies were deployed by the bank, resulting in a 12% decrease in operating expense year on year.

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The bank’s earnings remained strong at N34.6bn in spite of the harsh global realities brought about by the COVID-19 pandemic as well as other macroeconomic challenges encountered during the year.

In his remarks, the Managing Director/CEO, Mr Tony Okpanachi, said DBN worked through its Participating Financial Institutions (PFIs) to facilitate increased lending to MSMEs, thereby accelerating economic growth.

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