Osun State Governor, Ogbeni Rauf Aregbesola has lauded the managerial prowess of the Board and Management of Omoluabi Mortgage Bank Plc., for recording astronomical growth across all lines in the 2017 financial year.
The governor described the performance in the year under review as heroic, noting that the bank has made tremendous progress, resulting in payment of dividends to shareholders for the first time.
Aregbesola, who gave the commendation, when Chairman of the bank, Alhaji Adebayo Jimoh led the Board and Management team on a courtesy visit to Government House, Osogbo, urged the management to create more awareness through publicity and advertisements on different media platforms.
The bank posted an impressive balance sheet for Q1 2018 bouncing from a loss position in 2015 to record N187m in profit before tax for 2017, thereby declaring dividend for the first time in its history. The bank’s total revenue also grew by 170 per cent from N305m in 2016 to N518m in 2017.
While attributing its success to technological innovations, the bank stated that it has been able to build capacity by deploying new and more robust banking software, which helped to improve its services to customers.
“We have set up data centre to drive the bank’s information technology, Internet banking and e-business functions. We have also deployed e-banking platforms integrated with Interswitch and NIBBS.”
Aligning with local interests, the bank said it has created other product lines like ‘karakata’ and ‘sowojere’ to support local communities.