Omoluabi Mortgage Bank Grows PAT by 39% in 6 Months

By Modupe Gbadeyanka

A primary mortgage institution (PMI) in Nigeria, Omoluabi Mortgage Bank Plc, has declared a 39 percent growth in its profit in the first half of the year.

Its financial statements released yesterday showed that the growth also cut across key areas of the firm in the period under review when compared with the corresponding period of 2016.

Omoluabi Mortgage Bank Plc is a financial institution which offers residential and commercial mortgage financing services in the country.

An analysis of its financial results showed that it raked N229 million as total turnover as at June 30, 2017 versus N145.5 million achieved a year ago.

Similarly, the company posted a profit before tax of N46.14 million in the period under review, in contrast to N41.44 million declared on June 30, 2016.

In the same vein, its profit after tax stood at N46.14 million as at June 30, 2017 against N33.15 million recorded 12 months ago.

However, the operating cost of the bank skyrocketed to N179.4 million this half compared with N103.3 million posted in the first half of last year.

This was influenced mainly by increases in personnel expenses, depreciation of property and equipment, amortisation of intangible assets and other operating expenses.

But at the close of business on June 3017, the total liabilities and equity of Omoluabi Mortgage Bank Plc stood at N3.4 billion in contrast to N3.3 billion a year ago.