Omoluabi Mortgage PLC has released its second quarter earnings result showing the company is now in positive territory according to its balance sheet.
Net interest income rose to NGN140 million compared to NGN94,7 million recorded for the same segment last year.
Omoluabi Mortgage’s interest expenses however, increased to NGN3,8 million versus NGN231,605 expended last year.
The company has no impairment within the quarter. This is a positive sign when compared to NGN3,9 million provision for bad loans last year.
Perhaps a sign that the company increased its staff strength, its personal expenses rose to NGN 47,4 million versus NGN25,7 million paid last year. This is a 84.2% year on year. Should Omoluabi Mortgage suffer further impairments, the company would have to downsize as its overhead might not be sustainable.
The company paid more regulatory penalties as opposed to last year from up to NGN1,0 million company NGN658,000. The company did not state what particular infraction it committed.
Omoluabi Mortgage’s net profit fell to NGN33,1 million versus NGN34,4 million recorded last year.
According to its corporate profile, Omoluabi Mortgage and Savings PLC is a specialized Mortgage Financial Institution conceptualized and put in place by the Government of Osun State, Nigeria.
The bank was initially incorporated as Osun Building Society Limited but had her name changed to Livingspring Savings and Loans and very recently to Omoluabi Savings and Loans PLC to reflect the virtues of the people in the State.
The Bank was licensed by the Federal Mortgage Bank of Nigeria,FMBN in March 1999 and began operation on the 9th of April 1999. The Bank is being supervised by the Other Financial Institution Department, OFID of the Central Bank of Nigeria.
Its cardinal objective of establishing the Bank is to avail the people of Osun State in particular and Nigeria in general the opportunity to acquire and own their homes. Its head office is located at Old Governor’s Office, Gbongan Road, Osogbo in the State of Osun.
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