Omoluabi Mortgage Bank Declares N187.5m PBT

 

By Solomon Odeniyi

The Omoluabi Mortgage Bank has declared a Profit Before Taxation (PBT) of N187,536,516, for the year 2017.

This was disclosed by the Chairman, Board of Directors, Alhaji Adebayo Jimoh during the bank’s 4th Annual General Meeting in Osogbo on Thursday.

The chairman added that the gross earnings also increased by 70.39% from N304million in 2016 to N518million, while the total operating expenses increased by 26.18% from N257m in 2016 to N347m in 2017.

“Customers deposits grew by 208% from N389m in 2016 to N1.2b in 2017. Also during the period, the quality of our loan and advances portfolio rose from N549 in 2016 to N862m in 2017, an increase of 57%.

In addition, total assets grew from N3.3b in 2016 to N4.2b in 2017, a growth of 27.27% over 2016, while our shareholders funds grew from N2.4b to N2.6b in 2017″, he said.

Jimoh noted that despite the harsh economic and operating environment prevalent in the Mortgage banking industry, the management team and employees worked under intense pressure with the business complexities which were responsible for the feat achieved.

He also attributed the impressive performance of the bank in the out gone year to some changes made to strengthen the company through a change in structure and improvement in capacity to reflect current best practices in the industry, thereby enhancing it with more experience and capability.

He stressed that the plan of the company in 2018 is to enhance their capacity in human resources as well as risk management, so as to continue being the first and the best.

The chairman pledged that the bank will continue to adapt to environmental changes with the unalloyed commitment, support and loyalty received from both internal and external stakeholders.

Mrs Olaitan Aworonke, the former group head, Operations and Business Development of the bank was elected as the Director of the bank, while Prince Adetilewa Sijuwade, Mike Omolaja, and Gbadebo Adekunle were re-elected as directors.