Bank grows earnings by 70 per cent, declares dividends
Despite the harsh economy in previous year, the Omoluabi Mortgage bank has reported a 70.39per cent growth in profit. The bank earnings rose from N304million in 2016 to N518million as profit after tax scale-up to N173, 462,487million in the year end 2017.
The firms’ total assets also grew from N3.3billion in 2016 to N4.2billion in 2017 while shareholders funds saw an increase from N2.4billion to N2.6billion in the same year.
The bank made this known during its 4th Annual General Meeting (AGM) held in Osogbo, the Osun State Capital. The meeting saw the approval of the appointment of Mrs. Olaitan Aworonke, a former Group Head, Operations and Business Development as a newly elected Director. Also, the Board’s proposal for the distribution of profits through a dividend of 1kobo per shares was approved.
Speaking at the occasion, the chairman, board of directors of the bank, Adebayo Jimoh said, “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.
“We reviewed the 2017 financial performance that saw the Bank record also increase in gross earnings by 70.39per cent from N304million in 2016 to N518million and profit after tax of N173, 462,487million”.
He 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.
“The total assets grew from N3.3billion in 2016 to N4.2billion in 2017 while shareholders’ funds grew from N2.4billion to N2.6billion in 2017. The board has approved the appointment of Mrs. Olaitan Aworonke, who was the former Group Head, Operations and Business Development as a newly elected Director.
Also, the Board’s proposal for the distribution of profits through a dividend of 1kobo per share was approved”.
Jimoh pledged that the bank would continue to adapt to environmental changes with the unalloyed commitment, support and loyalty received from both internal and external stakeholders.
Shareholders present at the occasion lauded the board and management of the Bank for a good performance in the year 2017. They also enjoined them to keep up the good work in years ahead.
The government of Osun State, conceptualized Omoluabi Mortgage Bank Plc. The Bank was initially incorporated as Osun Building Society Limited but later changed to Living Spring Savings and Loans Limited, Omoluabi Savings and Loans Plc and later Omoluabi Mortgage Bank Plc, to reflect the virtues the people of the State.