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Sound Business Safetrust Mortgage Bank records 75.37% profit increase

Safetrust Mortgage Bank says it has recording a tremendous result in the year ending 2104.

  • Published:
Danjuma Saleh, MD, SMB play

Danjuma Saleh, MD, SMB

(Safetrust Mortgage Bank)

One of Nigeria's best managed mortgage outfits, Safetrust Mortgage Bank Limited, has released a statement of a 75.37% increase in profit before tax for the financial year ended December 31, 2014.

The bank said its profit before tax rose from N60.372m in 2013 to N106.278m in 2014.

The financial performance had been presented to the banks shareholders at its Annual General Meeting, which was held in Lagos recently, the statement said.

The statement added that the bank’s total loan portfolio rose by 5.86 per cent from N5.850bn in 2013 to N6.194bn in 2014.

Safetrust Mortgage Bank also recorded a 0.12 per cent growth in earnings per share. Specifically, its earnings per share rose from N8.47 in 2013 to N8.48 in 2014.

The bank is managed by a nine-member board of directors, which has Akin Opeodu as Chairman;  Yinka Adeola as Managing Director/Chief Executive Officer and Akintayo Oloko as Executive Director.

The bank had changed its name to Safetrust Mortgage Bank Limited from Safetrust Savings and Loans Limited in 2013 after surpassing the new industry minimum capital base of N2.5bn for state operating licence.

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