VBank marks first profitable year with ₦366 million in 2024
- VFD Microfinance Bank reported a profit of ₦366 million for the year ended 2024.
- The bank achieved an operating income of ₦4.5 billion in 2024.
- Operating expenses decreased to ₦3.9 billion in 2024 from ₦5.42 billion in 2023.
The turnaround of VFD Microfinance Bank is a promising indicator of its potential for future growth, especially with its focus on digital banking. However, the sustainability of this profit and the bank's ability to manage operating expenses effectively will be crucial for maintaining investor confidence.
