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.
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.