Safetrust Records N307m Profit

Nume Ekeghe

Safetrust Mortgage Bank Limited has posted gross earnings of about N2 billion for the 2017 financial year. This, the company stated, represented a 35 per cent growth compared with 2016. According to results recently published by the bank, its profit after tax climbed to N307 million, which was an increase by 683 per cent above its 2016 profit after tax.

The company’s total assets stood at N13.5 billion, compared to the N8.1 billion it recorded 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 recently concluded 2018 annual general meeting(AGM) held in Lagos, its Chairman, Board of Directors, Ayodele Arogbo, 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 licence.

“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 fully supports the management’s drive to extensively incorporate environmental, social and governance considerations in the day-to-day operations.

On his part, the Managing Director of the bank, Mr. Akintayo Oloko, 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.”