Safetrust declares N150.6m gross profit
Safetrust Mortage Bank Limited has declared N150.6 million profit before tax (PBT) for the financial year ended 2015, representing an increase of 41.8 per cent on the figure achieved in the previous financial year.
The declaration was made by the Chairman of the financial institution, Akin O. Opeodu in his address to shareholders at the bank’s yearly general meeting held recently in Lagos.
Also the bank recorded gross earnings of N1.8 billion while its total assets stood at N9 billion, with the shareholders’ fund growing by 1.52 per cent to N2.8 billion.
With the performance, the shareholders approved N84.3 million as dividend at 5 kobo per share.
Opeodu expressed optimism on the country’s business outlook, saying that “whilst business and customer confidence remain fragile, the level of activity and government’s commitment to improving the real sector gives a base for the growth of the Nigerian economy”. But he warned that the country needs “to brace up for likely shocks by developing the appropriate resilience to such risks”.
The Chairman also advised that “to ensure a sustained economic uplift, the 2016 federal budget must be fully implemented”, positing that “lower interest rate regime should be put in place to support economic activities, reform our governance structure, improve on the efficiencies of our labour market and simplify our process for doing business”.
To brace up for better performance in 2016, he stressed that Safetrust has taken steps to diversify its revenue base, while leveraging inherent opportunities in the outlook for continuous revenue growth.
He maintained that the mortgage bank would also continue to strengthen its risk management capabilities to ensure effective mitigation of existing risk factors in their domestic operations.
Safetrust is managed by a nine-man board of directors that also has Yinka Adeola as Managing Director, whose voluntary retirement was announced by the Chairman at the shareholders’ meeting, while Akintayo Oloko, an Executive Director of the bank, was named the new Managing Director.