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Mortgage bank records 98% growth in Q3

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Federal Mortgage Bank


Omoluabi Mortgage Bank has recorded 98 per cent growth in turnover for the third quarter of the 2017 financial year, which ended September 30, when compared with result of the corresponding period of 2016.

This, according to the bank’s 2017 third quarter report filed with the Nigerian Stock Exchange (NSE) last week, was linked to its strategies of expansion, increasing customer-base and technological innovation.

For the period under review, the bank reported a turnover of N339.5million, representing 98 per cent increase, against N214.3million in the same period in year 2016, mainly driven by a jump in its “other operating income” in the current financial year.

The bank’s profit after tax rose from N48.94million in 2016 to N74.19million in 2107, representing 52 per cent growth as well.Further analysis of the bank’s performances in Q3 put total assets at N3.59billion compared to N2.6billion recorded in the preceding year, representing 35 per cent comparative increase.

This, the bank said, is a result of N656million rise in depositors’ liability from N167.6million in 2016 to N824.4million as at the end of September 2017.

In addition to the over 300 per cent growth in depositors’ liability, it also recorded growth in net operating cash positions due to cash and assets from its recovery drive.These figures show key growth in general mortgage business, improved portfolio and strong balance sheet.



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