THURSDAY, 02 SEPTEMBER 2010 

recorded N1.2 billion gross earnings in 2009.This was disclosed by the bank’s chairman, Mr. Joe Idudu, at the mortgage finance institution’s yearly general meeting, held in Lagos, on Tuesday.The figure represents 96 per cent rise over the N660 million recorded in 2008.

He also said that the bank posted a profit before tax of N405 million in 2009 as against N207 million in 2008.The chairman said that the total assets of the bank increased from N6.7 billion in 2008 to N8.4 billion in 2009.According to him, the total asset figure represented a growth rate of 25 per cent.

“Notwithstanding the challenges in 2009, the bank was able to make a gross earning of N1.2 billion in 2009 when compared to N660 million in 2008. The profit before tax is N405 million in 2009 when compared to N207 million in 2008, showing a growth rate of 96 per cent,” he said.Idudu said that the bank would pay one kobo per share as dividend to shareholders.

He also said that the bank would continue to take advantage of new opportunities in creating mortgage-backed assets, while expanding its operational base.He said to improve the lot of its employees, the bank had established a training school at its Ikeja branch.According to him, this is to ensure that the employees get the best standard of banking practices.

Mr. Abimbola Olayinka, the managing director, said that the bank had invested in housing development in Abuja, Lagos, Ogun and Adamawa.He said that most of the investments would be visible in the next two to three years “because housing takes time to mature.”

He urged the shareholders to consider opening accounts with the bank to make the payment of their dividends easier.Some of the shareholders urged the management to invest more in medium housing schemes that would favour the middle class.

Source:Guardian