Safetrust Pledges Support for FG’s Policies

Safetrust Mortgage Bank Limited has vowed to continue to support policies designed to build a sustainable Nigerian economy.

The Chairman, Board of Directors of the company, Ayodele Arogbo, gave the pledge while presenting the company’s results recently at its 2018 annual general meeting(AGM) held in Lagos.

He said, “At Safetrust Mortgage Bank, we will continue to focus on building key capabilities by actively supporting policies designed to build a sustainable Nigerian economy over the next decade and providing a wide-range of customerfocused services especially in delivering affordable housing for Nigerians.”

The mortgage bank posted gross earnings of about N2 billion for the 2017 financial year. This represented a 35 per cent growth compared with 2016. According to results recently published by the bank, its profit after tax climbed to N307 million, which was an increase by 683 per cent above its 2016 profit after tax.

The company’s total assets stood at N13.5 billion, compared to the N8.1 billion it recorded the previous year, while shareholders’ funds grew 100 per cent from N2.77 billion to N5.54 billion due to increase in issued shares.

Arogbo, attributed the bank’s financial performance in 2017 to improved service quality, robust corporate governance and excellent work ethics.

He added, “During the year under review, the bank issued 2.5 billion fully paid ordinary shares of N1 each to Colebrook Investment Limited. The new injection of funds enabled the bank to meet the minimum capital of N5 billion required for a national licence.”