Federal Mortgage Bank Records N424m Profit In First Half

| Leave a comment

The Federal Mortgage Bank of Nigeria has recorded an operating surplus of N424m illion from a total income of N5.8bllion  in the first half of the year.

With the profit margin, the bank improved from a loss-making entity in decades to a profitable organization in 2016.

The Group Head Finance and Control Group, Mrs Oby Nwokedi stated this yesterday at the presentation of the bank’s half-year Business Performance Review aimed at stock-taking and strategizing on how to improve its operations.

The minister of Power, Works and Housing, Babatunde Fashola who declared the event open encouraged the bank to organize similar sessions on regular basis so as to entrench the culture of accountability and profitability in the system.

He urged the bank to periodically review its portfolio, with a view to optimizing its assets to drive mortgage lending and profitability.

Fashola who was represented by the Deputy Director, Monitoring and Evaluation in the Ministry, Mr Emmanuel Otu enjoined the staff to take advantage of the session to highlight issues impeding on their performances so as to improve efficiency and ultimately the bank’s image.

In his address, the Acting Managing Director of FMBN, Mr Richard Esin stated that the Performance Review which is the first of its kind in the history of the bank became imperative in order to successful chart a new course for the bank.

According to him, “The bank must strive to focus on creating a performance driven culture at all levels of its operations which can be achieved through the bank’s four pillars such as corporate governance compliance, bank profitability, operational effectiveness and debt recovery.

He stated that the bank is collaborating with other organizations to promote self-re-invention and stimulate

comments powered by Disqus

Daily Columns