Safetrust targets N2.5b shareholders’ fund ONE of the nation’s primary mortgage banks (PMBs), Safetrust Savings and Loans Limited has moved to raise its current shareholders fund from N2.016 billion to N2.566 billion. The new fund is in conformity with the Central Bank of Nigeria (CBN) directive that all PMBs must recapitalize to N2.5billion for State Operating License or N5billion for the National License. The bank is seeking to increase its shareholders’ fund to operate the State license. The Executive Director of the Bank, Mr. Akintayo Oloko also announced at the Annual General Meeting (AGM), the Bank’s offering to existing shareholders by way of rights issue, one unit of additional shares to two units of existing shareholdings. The bank is issuing additional 550 million share units at N1.00 per share. The right issue ends on July 31, 2013. Recently, the bank declared a Profit After Tax of N404, 260,000 for the year ended December 31, 2012. This figure represents a 244.17 percent increase as against the figures achieved for 2011, which stood at N117, 458,000. The declaration was made in a statement issued by the Managing Director, Mr. Yinka Adeola at the AGM of the PMI held recently. Another significant achievement made by the PMI was a vast increase of the Earnings per share from 11kobo in 2011 to 38kobo in 2012, which indicates that the PMI’s Brand is attractive to investors. Another significant highlight of the Bank’s activities for the year 2012 financial was the approval of the International Financial Reporting Standards (IFRS) Audited Financial Statement for the period ended 31st December 2012. The Bank’s 2012-year end financial Statement also witnessed an increase in the Bank transfers to general reserve by 44.70 percent from N179, 752,000 in 2011 to N260, 064,000 in 2012. The Bank’s shareholders’ fund also increased by 19 percent from N1, 694,879 in 2011 to N2, 016,933 in 2012. The CBN’s approval of the accounts was obtained on the 17th of May 2013. Safetrust, which was incorporated in 1993, and managed by a nine-man board of directors with Mr. Akin Opeodu as Chairman.
Posted on: Fri, 19 Jul 2013 00:00:57 +0000
Trending Topics
Recently Viewed Topics
© 2015