Safetrust Mortgage Bank Limited has declared profit before tax of N76.8m for the financial year ended 31st December, 2016.
The Chairman of the bank, Mr. Akin Opeodu, at the 2017 Annual General Meeting said it closed the year with over N1.5bn in interest earnings, N8.1bn in total assets while the capital base and shareholders fund stood at N2.77bn.
He added that the financial year under review was a very challenging period due to the economic recession.
“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,” he said.
He said a major development during the financial year was the retirement of Mr. Yinka Adeola, having served the maximum period of two terms of five years each as the managing director while Mr. Akintayo Oloko, was appointed the new MD of the bank.
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