Business

LBIC Holds 15th AGM, Assures Improving Services

Published

4 years ago

Dec 9, 2020.

Chairman, Board of Directors for Lagos Building Investment Company (LBIC), Hakeem Ogunniran, has expressed his satisfaction in the bank activities at the 15th Annual General Meeting.

While speaking at the Conference Hall of the Bank, Ogunniran said the bank has continued on a path of growth despite the challenging operating environment of the year.

He said that gross earnings grew by 9 percent from #551 million in 2018 to #604
million in 2019.

Ogunniran said though the Bank recorded a loss of #18 million, it recorded a
marked improvement in fund mobilisation as customer deposits grew to #2.39 billion
naira as at 31st December, 2019, adding that the Bank closed the 2019 Financial Year with a Shareholders’ Fund of #2.811 billion and a Total Asset of #6.316 billion. (L-R) Company Secretary/Legal Adviser, Mrs Morola Kumoluyi, Independent Director, Femi Adewole, Chairman Lagos Building Investment Company PLC,(LBIC), Hakeem Ogunniran, and The Managing Director, Tobiloba Lawal, during the 15th annual general Meeting (AGM) of Lagos Building Investment Company PLC,(LBIC), held at the company’s Head Office, LBIC House, Ikeja

The statement which was signed by the Media Consultant, Kayode Jackson, read in parts that “With respect to Asset quality, the Non-Performing Loan ratio improved from 27 percent to 4.43 percent.

“Capital Adequacy ration also closed at 51 percent, a performance above the regulatory
requirement of 10 percent.”

Speaking further, Ogunniran said that the business year afforded the company an opportunity of driving the company’s vision, which is to become a pace-setter in mortgage and housing delivery, by developing suitable structures and framework to provide mortgage financing at competitive rates.

He said the bank has also created quality mortgage loans in line with the underwriting standards of the Nigeria Mortgage Refinancing Company (NMRC).

Meanwhile, the Managing Director, Tobiloba Lawal, while speaking at the event expressed great optimism at the drive of the company to optimise the available its resource to provide
mortgage and investment services to its clients while ensuring the Bank is returned to
profit in the interest of its shareholders.

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