Mortgage firm records growth, posts over N2b earnings
One of Nigeria’s premier mortgage banks, Safetrust Mortgage Bank Limited has posted over N2 billion in gross earnings for last year.According to results recently published in the bank’s annual report and financial statements, the profit after tax was N307 million, an increase of 683 per cent above the 2016 profit after tax. Total assets stood at N13.5 billion compared to N8.1 billion in the previous year while shareholders’ funds grew 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 held in Lagos, Ayodele Arogbo, the Chairman, Board of Directors, attributed the Bank’s strong financial performance in 2017 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.”
While assuring stakeholders of the company’s commitment to running a credible, responsible and sustainable business positioned to enrich lives; the Chairman stated that the board supports the management’s drive to extensively incorporate environmental, social and governance considerations in the day-to-day operations.
The bank’s Managing Director, Mr. Akintayo Oloko thanked the esteemed customers whose relationship 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, has augmented the Bank’s capacity to deliver differentiated mortgage banking products and other services to customers whilst enhancing cost-efficiency and reducing risks.”
He gave an overview of the Bank’s history, reiterating that it was established in 1992 and licensed by the Central Bank and Federal Mortgage Bank of Nigeria for the disbursement of the National Housing Fund loans to contributors with business focused on providing housing solutions that drive human progress.