Coming from a previous year of huge loss last year Resort Savings & Loans PLC has just released its Q3 financial result showing the that company made a net profit of NGN34.2 million.
Resort Savings & Loans said its Interest income for the third quarter rose by 17% to NGN502 million from NGN429 million recorded last year.
However, interest expenses increased by 4.61% to NGN321 million. Last year the company expended NGN307 million for the same item.
The Resort Savings & Loans also has a slight dip in its by -3.44% to NGN841 million. When compared to its last year’s performance, the company NGN871 million.
The company must have downsized a majority of its workforce in between last year and the third quarter. This is because its administrative expenses fell by 62.65% to NGN413 million compared to NGN1,1 billion.
The bank is perhaps consolidating on its current loan portfolio and not giving out new credits, last year. This is a sharp contrast when compared to last year when the bank wrote off about NGN110 million.
Resort Savings & Loans PLC accepts deposits and offers mortgage and property development loans.