Omoluabi mortgage reports marginal 1.39% PAT decline in Q2 ‘18

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Omoluabi Mortgage PLC earnings shows the bank had a marginal decline in both its topline and bottom-line figures for the half year ended June30th, 2018.

Its reported turnover of N22.9million in 2018 when compared to N229million recorded same period 2017, translates to a marginal 0.48% year on year decline.

N45.5million reported Profit after tax for the period under review is also a 1.39% bottom-line decline when compared with the previous N46.1million of 2017.

Consequently, the bank’s shareholders’ earnings per share dropped year on year 1.39% belolw 1kobo.

According to its corporate profile, Omoluabi Mortgage and Savings PLC is a specialized Mortgage Financial Institution conceptualized and put in place by the Government of Osun State, Nigeria.

The bank was initially incorporated as Osun Building Society Limited but had her name changed to Livingspring Savings and Loans and very recently to Omoluabi Savings and Loans PLC to reflect the virtues of the people in the State.

The Bank was licensed by the Federal Mortgage Bank of Nigeria,FMBN in March 1999 and began operation on the 9th of April 1999. The Bank is being supervised by the Other Financial Institution Department, OFID of the Central Bank of Nigeria.

Its cardinal objective of establishing the Bank is to avail the people of Osun State in particular and Nigeria in general the opportunity to acquire and own their homes. Its head office is located at Old Governor’s Office, Gbongan Road, Osogbo in the State of Osun.

 

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