SMB Records 41.8% Profit Increase For 2015 Financial Year | Independent Newspapers Limited
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SMB Records 41.8% Profit Increase For 2015 Financial Year

Posted: Jun 27, 2016 at 10:31 pm   /   by   /   comments (0)

Nkasiobi Oluikpe


Lagos – The chairman of the Board of Directors of Safetrust Mortgage Bank Limited, Akin Opeodu, has declared that the company recorded N150.6million profit before tax (PBT) for the financial year ended 2015, which represents a 41.8 per cent increase on the figure recorded the previous financial year.

Opeodu indicated this in his address at the Annual General Meeting of the mortgage bank held in Lagos recently. According to the chairman, the account of the mortgage bank is audited by Messrs KPMG.

He stated that the company’s gross earnings rose to N1.8billion and its total assets stood at N9billion, with the shareholder’s fund being N2.8billion. This, he said represented 1.52 per cent growth over and above the previous financial year’s figure of N2.75billion.

This, he said will see the shareholders being rewarded with a profit of N84,337,500 as dividend, at 5k per share.

Speaking further, he stated that they are continuously optimistic on the outlook of the 2016 financial year. While business and customer confidence remain fragile, he said the level of activity and government’s commitment to improving the real sector gives a base for the growth of the Nigerian economy.

He, however, warned that the country needed to brace up for likely shocks by developing the appropriate resilience to such risks.

He added, “To ensure a sustained economic growth, the 2016 national budget must be fully implemented,” positing that “lower interest rate regime should be put in place to support economic activities, reform our governance structure, improve on the efficiencies of our labour market and simplify our process for doing business.

“To brace up for better performance in 2016, Safetrust has taken steps to diversify its revenue base while leveraging on inherent opportunities in the outlook for continuous revenue growth. The Mortgage Bank would also continue to strengthen its risk management capabilities to ensure effective mitigation of existing risk factors in their domestic operations.”

Before the AGM, the managing director of the mortgage bank was Yinka Adeola. However, during the AGM his voluntary retirement was announced by the chairman.  Akintayo Oloko, an executive director of the bank, was appointed by the board as the new managing director. Safetrust is said to be managed by a 9-man Board of Directors.