NMRC up-scales housing finance, raises debt issuance to N440 billion
To deliver on its mandate of making housing finance more affordable and accessible, the Nigeria Mortgage Refinance Company Plc (NMRC) shareholders have approved the up scaling of the company’s debt issuance programme from N140 billion to N440 billion.
The shareholders gave their nod at its Annual General Meeting held at the Eko Hotel, Victoria Island last week, where the company Plc (NMRC) released its Annual Report and Accounts for 2017.
In the result, the company’s net interest income increased by 31per cent from N3.022 billion in 2016 to N3.976 billion in 2017.
Profit before income tax increased by 50 per cent from N1.289 billion in 2016 to N1.945 billion in 2017.
NMRC’s performance is further buttressed by the conferment of an investment grade rating with a positive outlook by Global Credit Rating Company.
The Chairman, Dr. Charles Okeahalam noted that NMRC had a successful year in 2017. According to the Chairman, the company grew its revenue and balance sheet, as well as improved its relationship with existing and new member banks.
The new banks that joined the NMRC are – FBN Mortgages, Brent Mortgage bank, Gateway savings and Loans, Omoluabi Mortgage bank Plc, Lagos Building and Investment Company Limited and Delta Mortgage bank.
The Chairman further noted that the company enhanced its service offerings, maintained its risk profile, and improved the rate of execution on refinancing its member banks while delivering on its strategic priorities.
The Company’s Acting Managing Director, Mr. Kehinde Ogundimu, noted that the company recorded significant improvements and created value for its stakeholders despite the challenging macro-economic environment.
According to Mr Ogundimu, earnings per share increased to N1.04 in 2017 from N0.72 in 2016 while total assets as at December 31, 2017 was N42.54 billion, an increase of N1.75 billion over 2016 balance of N40.79 billion.
The Acting CEO also noted that NMRC’s cost-to-Income and capital adequacy ratios and other regulatory and performance metrics were significantly better in 2017 than in 2016.