Resort Savings and Loans Plc has announced that its deposit base has hit N1.9bn, from a deposit liability of N480m in 2009.

A statement by the mortgage bank on Tuesday stated that the bank had expanded from a three branch, two cash centre financial institution to a nine branch and four-cash centre bank.

It said, “In line with its new financial health and vitality, the mortgage bank is now bouncing back to profitability, recording a N107m unaudited profit for the third quarter ending September 2012, after the necessary provision on account has been made.

Bringing the bank to this healthy state is a task that tried the expertise and managerial skills of the management team following the challenges the bank was confronted with up till 2009 when it recorded a deposit liability of N480m and had many debtors to contend with.”

According to the statement, to restore the bank to sound health, three new directors were appointed to represent the shareholders and direct the affairs of the bank.

“Since then, the reconstituted team has continued to pilot the affairs of the bank towards stability and profitability. Through its aggressive pursuit of the bank’s debtors, over N352m has been recovered and much effort is still directed in this direction,” it added.

The statement added that the bank was currently providing mortgages in many states across the country.

They include- Jalingo, Taraba, Yola, Adamawa, Ofada, Ogun, and Lagos.

“The bank was also currently collaborating with the Lagos State Government in the development of over 120 hectares of land in different locations, while it is also working with the Federal Road Safety Corps, to develop and provide mortgages for a minimum of 400 officers in Ekiti State,” it said.

Source: Punch (written by Ademola Alawiye)