Safetrust Mortgage Bank posts N2bn in earnings
Safetrust Mortgage Bank Limited has posted over N2bn in gross earnings for the year 2017.
The bank said in a statement that the earnings figure represent a 35 per cent growth for the same period in 2016.
According to results recently published in the bank’s annual report and financial statements, the bank recorded a Profit After Tax of N307m, which shows an increase of 683 per cent above the 2016 PAT.
The statement added that the bank’s total assets stood at N13.5bn, compared to N8.1bn in the previous year, while shareholders’ funds grew 100 per cent from N2.77bn to N5.54bn due to increase in issued shares.
The Chairman, Board of Directors, Safetrust Mortgage Bank, Ayodele Arogbo, while presenting the results at the 2018 Annual General Meeting in Lagos, 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 N5bn required for a National license.”