Safetrust Posts N76.8M Profit Before Tax

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Safetrust Mortgage Bank Limited has declared a modest profit before tax (PBT) of N76.8 million for the financial year ended December 31, 2016.

Chairman of the bank, Mr. Akin O. Opeodu stated this at their 2017 Annual General Meeting, held recently at the Eko Hotels & Suites. The AGM had in attendance directors of the Bank, investors, customers and staff of the Bank, among others.

The Bank closed the year with over N1.5billion in interest earnings, N8.1billion in total assets while the capital base/shareholders fund stood at N2.77billion.
Opeodu reiterated that the financial year under review was a very challenging period during which the country’s economy declined into recession.

According to him, “The situation was further heightened by increased volatility and uncertainty in the global economy, persistent decline in crude oil prices and incessant damages to oil installations in the Niger Delta that resulted in low levels of oil production with impact on foreign currency availability for business.”

A major development during the financial year was the appointment of Mr. Akintayo Oloko as the new Managing Director/Chief Executive Officer, after the retirement of Mr. Yinka Adeola who had served the maximum period of two terms of five years each.
Another highlight of the financial year was the total dividend payment of N33,735,000.00 at 2k per share, which represents 86 per cent of the group’s profit for the year ended 31st December, 2016.

Subsequent to the financial year end of 31st December 2016, the capital base of the Bank was increased from N2.77Billion to N5.3 billion following the issuance of 2.5 billion fully paid ordinary shares of N1 each to Colebrook Investment Limited via Synergy Capital, a private equity fund manager. With this, the Bank has surpassed the minimum capital/shareholders fund of N5 billion for a National operating licence. Consequently, the Bank has obtained Central Bank of Nigeria (CBN) approval for both the capital injection and National mortgage licence.
Safetrust is managed by a nine-man board of directors, with branches at Ikoyi, Ikeja and Agent Banking services in FCT Abuja.
Messrs KPMG Professional Services were reappointed and retained as external auditors to the bank for a further term.