NMRC optimistic on economy as mortgage refinancing hits N17 billion
Nigeria Mortgage Refinance Company Plc (NMRC) published its Annual Reports and Accounts for 2018 at its Annual General Meeting held at the Eko Hotel, Victoria Island, Lagos.
The Chairman, Mr. Charles Adeyemi Candide-Johnson (SAN), in his remarks noted that despite the challenging operating environment, NMRC had a good year in 2018. The Company’s Balance Sheet grew by 63per cent with refinanced loans portfolio growing by over 100per cent thereby positioning the company for sustained growth and profitability.
Candide Johnson further noted that the Company’s capital position remains strong and far in excess of the regulatory requirement in view of the impending recapitalization exercise within the financial services sector.
NMRC’s Managing Director, Mr. Kehinde Ogundimu in his comments stated that 2018 was indicative of positive performance for the company across all financial metrics. Ogundimu further noted that the company improved in terms of its strategic positioning and witnessed growth in total assets from N42.54 billion in 2017 to N69.29 billion in 2018. While the company’s Mortgage Refinance Loan portfolio increased by 106per cent from N 8.23 billion in 2017 to N 17.02 billion in 2018. NMRC’s Gross earnings increased by 15per cent from N 6.160 billion in 2017 to N7.086 billion in 2018. Earnings per share decreased to N0.93 in 2018 from N1.04 in 2017.
In terms of operational efficiency, the company’s personnel expenses decreased by 8per cent to N0.82 billion in 2018, Other operating expenses decreased by 6per cent to N0.98 billion in 2018. Profit before income tax decreased marginally by 0.5per cent from N1.945 billion in 2017 to N1.935 billion in 2018 primarily due to the adoption of International Financial Reporting Standards No. 9 (IFRS 9). The shareholders of the company passed all resolutions presented at the meeting.