Omoluabi Mortgage Bank (OMB) Plc has recorded turnover of N125.079 million for the first quarter operations ended March 31, 2019. The amount represents a surge of N4.495 million or 3.73 per cent compared with N120.584 million reported in the comparative period of 2018.
The bank unaudited financial result submitted at the Nigerian Stock Exchange (NSE) showed that interest and Similar Income grew from 28.315 million at the end of March last year to N54.554 million while interest and similar expenses rose from N6.558 million to N12.269 million.
An analysis of the bank’s first quarter result showed that fees and commission income rose from N21.757 million to N42.285 million within the period under review while net fee and commission income grew dropped from N16.227 million to N6.258 million. Other operating income also declined to N64.266 million from N76.042 million maded in the comparable period of last year whilebothet operating income dropped to N112.810 million from N114.026 million.
Personnel expenses grew by N10.046 million or 38.81 per cent to N35.930 million from N25.884 million, Amortisation and Intangible assets increased which stood at N2.938 million in the preceding year went to N3.274 million, depreciation of property and equipment inched up to N10.177 million from N9.016 million , total operating expenses grew to N79.557 million from N75.972 million. Profit before slumped from N38.054 million in 2018 to N33.253. Total assets decreased to N4.016 billion from N4.224 billion while total liabilities down to N1.396 billion from N1.638 billion in the preceding year.
Meanwhile, for the financial year ended December 31, 2018, the bank posted profit after tax of N79.530 million, representing a drop of N94.771 million or 54.372 per cent compared with N174.301 million reported in comparable period of last year.
The Chairman of the bank, Alhaji Adebayo Kadiri Jimoh said that the bank operations of a strategy of differentiation, through the provision of quality service, innovative solutions and high corporate governance standards yield the required growth in customers and market coverage.
On the performance of bank, he said , in 2018 the total operating expenses increased by 11.9 per cent from N347 million in 2017 to N389 million in 2018, customers deposit dropped by 9.7 per cent from N1.2 billion in 2017 to N1.1 billion in 2018.
