Mainstreet Bank Limited has announced a profit before tax of N13.2bn in
its group financial performance for the year ended December 31, 2013.
A statement by the lender quoted the Chairman, Board of Directors,
Alhaji Gambo Ahmed, as saying this during its annual general meeting in Lagos,
He explained that “this result is the outcome of strategies we have put
in place in the last two years to build confidence, optimise costs, improve
operational efficiency and customer service delivery.”
According to him, the bank’s published financial result shows growth in
all key financial indices.
Gross earnings grew to N49.6bn in 2013. The growth was driven by
increased interest income as the bank grew its loan portfolio by 63 per cent
from N34.9bn in 2012 to N57bn in 2013.
Despite the significant growth in risk assets, the non-performing loan
ratio remained low at 3.66 per cent; well below the five per cent regulatory
limit.
He said the bank’s operational efficiency strategy yielded a 26.6 per
cent growth in net interest margin.
“We have achieved this result in spite of the socio-economic challenges
and increased competition in the Nigerian banking industry; the result clearly
reaffirms that the bank is on the right track of becoming a top tier bank,” the
statement quoted the chairman as explaining.
On the several initiatives the bank had put in place to bring
efficiency in its, the Group Managing Director/Chief Executive Officer, Faith
Tuedor-Matthews, said, “Within the period under review, we successfully
migrated to the latest version of Finacle core banking application, which has
significantly improved our ability to deliver service to our customers and
introduce innovative products and services.
No comments:
Post a Comment