Omoluabi Mortgage post 51% fall in profit for 9 months

Capital One

Omoluabi Mortgage Bank plc is reporting 5% increase in profit to NGN74.1 million for the nine months ended in 2017 compared to NGN48.9 million reported in the same period in the financial year 2016.

According to the balance sheet, the bank had a higher turn over of NGN339.4 billion in contrast to NGN214.2 billion posted in the previous year while interest and similar income was lower at NGN91.7 million against NGN195.7 million in the year before.

Net interest income lowered to NGN77.5 million in 2017 compared to NGN195.6 million in the fiscal year 2016. Meanwhile, operating income rose to NGN325.2 million from NGN208.6 million in the year before.

Omoluabi Mortgage bank said its total assets was NGN3.5 billion while total liabilities was NGN1.0 billion versus NGN871.9 million in the year before.

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.