Omoluabi mortgage profit grew 39% in Q2

Union Diagnostics

Omoluabi Mortgage PLC second quarter earnings show the bank had a major improvement to its balance sheet as it recorded turnover of NGN229.0 billion in 2017 compared to NGN145.7 billion recorded same period 2016.

The bank’s interest income dropped to NGN52.9 billion in the period under review against NGN140.7 billion posted in the year before while its interest expenses were NGN3.4 billion against NGN3.8 billion reported the year 2016, making its net interest income coming short to NGN49.4 billion from NGN136.9 billion recorded in the year 2016.

Net operating income for the quarter increased to NGN225.5 billion in contrast to NGN144.7 billion recorded in 2016 while its net operating expenses also increased to NGN179.4 billion against NGN103.3 billion.

Perhaps a sign that the bank increased its staff strength, its personnel expenses rose to NGN45.4 million versus NGN47.4 million paid last year.

Net profit increased to NGN46.1 billion from NGN33.1 billion recorded in the previous year, which represents 39% increase year on year comparison.

Omoluabi Mortgage plc total assets stood at NGN3.3 billion as compared to last year while its total liabilities increased to NGN911.1 million from NGN871.9 million.

About Omoluabi Mortgage

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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