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Heritage Bank posts N1.5b profit for 2015

Heritage Bank Plc has posted a profit before tax of N1.5 billion for its financial year ended December 2015.

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Heritage Bank Plc has posted a profit before tax of N1.5 billion for its financial year ended December 2015.

The figure was contained in its audited financial statement for the period under review, which represents its first full operating year post-acquisition of Enterprise Bank in October 2014.

The financial statement also showed gross earnings of N24 billion, Net Interest Income of N12.2 billion and profit after tax of N1.1 billion.

During the review period, the bank attracted N312 billion as deposit from customers, indicating confidence in the bank.

On the other hand, it supported businesses and individuals with N175 billion as loans and a dvances. Consequently, the bank achieved a Total Asset of N473.4 billion for the 2015 operating year.

The Managing Director/Chief Executive Officer, Heritage Bank, Ifie Sekibo, said: “This result is a testimony to the increased acceptability of Heritage Bank’s innovative products and services by the banking public.

“It is also a reward for the diligent commitment of the staff and management of the bank to our mission to create, preserve and transfer wealth across generations.

“In the 2016 operating year, our desire to reciprocate the patronage of our customers and goodwill from stakeholders has prompted us to introduce new and bespoke services driven by cutting edge technology designed to empower businesses and individuals with opportunities to achieve economic prosperity.

“The positive response to these efforts gives us assurance of improved financial performance in 2016 leading to enhanced returns to our investors.”

Bank was recently selected by the   Central Bank of Nigeria (CBN)  as its pilot partner to unveil, administer and manage the “N3Billion Youth Innovative Entrepreneurship Development Programme (YIEDP).

The  Programme is  aimed at creating  sustainable wealth and employment in the country with   focus on dependable job creating sectors such as Agricultural Value Chain (fish farming, poultry, snail farming), Cottage Industry, Mining and Solid Minerals, Creative Industry (Tourism, Arts and Crafts), and Information and Communications Technology (ICT).

The selection of Heritage Bank as pilot partner for the programme was in recognition of its commitment to supporting Micro Small and Medium Enterprises (MSMEs).

Recently, Heritage Bank in partnership with the Centre for Values in Leadership (CVL) empowered 100 aspiring start-up entrepreneurs under the Young Entrepreneurship Business Training Programme (YEBTP).