Omoluabi Bank Declares Profit Despite Recession

The Omoluabi Mortgage Bank Plc has declared a profit before tax of N78,869, 496 for the 2016 financial year.

This was the loss of N168m recorded by the bank in the previous financial year.
The impressive performance was announced by the Chairman, Dr. Adebayo Jimoh, during its annual general meeting in Osogbo, the Osun State capital.

While reviewing the bank’s performance in the 2016 financial year, Jimoh said, “Apart from the PBT of over N78m, coming two weeks after the bank’s appearance on the floor of the Nigerian Stock Exchange, the bank also achieved increased in gross earnings by 42.39 per cent from N214m in 2015 to N304m. This is, in addition, to increase in customer deposit growth by 165 per cent from N165m in 2015 to N389m in 2016.

“The quality of loans and advances portfolio of Omoluabi Mortgage Bank Plc rose from N365m in 2015 to N549m in 2016, while the total assets of the bank grew from N2.6bn in 2015 to N3.3bn in 2016 while the shareholder’s funds grew from N2.3bn to N2.43bn in 2016.

He added, “Despite the fact that the past year was a very challenging one, both for economic and business environment in the country especially for the mortgage subsector, Omoluabi Bank made many changes within the year in order to reposition it for better performance and efficient service delivery.”

The shareholders urged the mortgage institution to expedite action on the payment of dividends so as to compensate them for their belief in the bank.

The Managing Director of the bank, Mr. Ayo Olowokere, called for patience and understanding on the path of the shareholders, assuring them that the bank was poised for more transformation and value creation in the next financial year.

 

 

Source: Punch