Omoluabi Mortgage Bank posts 57% profit growth in 2016

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Omoluabi Mortgage Bank plc in its financial report recorded NGN181.0 billion net interest income for fourth quarter 2016 in contrast to NGN202.4 billion recorded in the same period 2015.

 

Its operating income for the year was NGN304.6 billion compared to NGN214.0 billion recorded in the year before.

The bank ended the year with 181.3 billion interest income compared to NGN214.1 billion recorded in the year before. It recorded NGN321.4 million interest expense in contrast to NGN105.9 million recorded in the year before.

Omoluabi mortgage recorded NGN78.8 billion as profit before before tax in the year in review against NGN161.5 million loss recorded in the year 2015. After deducting its tax expense for the year, the bank profit for the year rose by 57% to NGN70.8 billion against NGN168.0 billion loss recorded in the year before.

Omoluabi Mortgage Bank plc acquired Total Assets worth NGN3.3 trillion in 2016 against NGN2.6 trillion acquired in the year 2015. its total liabilities was NGN871.9 billion versus NGN274.6 billion recorded in the year 2015.

For more details on the report, click here>>
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