Safetrust Mortgage Bank Limited has posted over N2 billion in gross earnings for 2017, representing 35 per cent growth for the same period in 2016.
According to results published in the bank’s annual report and financial statements, profit after tax was N307 million, an increase of 683 per cent above the 2016 PAT. Total assets stood at N13.5 billion compared to N8.1 billion in the previous year, while shareholders’ funds grew by 100 per cent from N2.77 billion to N5.54 billion due to increase in issued shares.
Presenting the results at the company’s just concluded 2018 Annual General Meeting (AGM) in Lagos, its Chairman, Board of Directors, Ayodele Arogbo, attributed the bank’s strong financial performance last year to improved service quality, robust corporate governance and excellent work ethics.
He said: “During the year under review, the bank issued 2.5 billion fully paid ordinary shares of N1 each to Colebrook Investment Limited. The new injection of funds enabled the Bank to meet the minimum capital of N5 billion required for a National license.
“At Safetrust Mortgage Bank, we will continue to focus on building key capabilities by actively supporting policies designed to build a sustainable Nigerian economy over the next decade and providing a wide-range of customer-focused services especially in delivering affordable housing for Nigerians.”
The bank’s Managing Director, Mr Akintayo Oloko thanked the customers, whose relationship with the Bank has enriched both parties with years of fruitful returns. He noted that Safetrust was going into 2018 with optimism based on the successes recorded in the macro environment in the preceding year.
According to Oloko: “The repositioning of business structures and significant capital investment through private equity, have augmented the Bank’s capacity to deliver differentiated mortgage banking products and other services to customers while enhancing cost-efficiency and reducing risks.”