Resort Savings & Loans posts N3.4b net profit


Resort Savings & LoansThe Resort Savings and Loans Plc, a mortgage banker,  on Thursday said that it posted net profit of N3.4 billion in 2012.

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Mr Abimbola Olayinka, Managing Director/Chief Executive Officer of the company, disclosed this at the 7th Annual General Meeting (AGM)  of the company in Ibadan.

“Our bank made a comprehensive net income of N3.4 billion with an operating income of N1.4 billion in the year 2012 “, he said.

The News Agency of Nigeria (NAN) reports that the outfit is a real estate investor with housing projects at Lekki, Epe, Ikorodu, Badagry, Ado-Ekiti, Ofada, Yola, Jalingo and Abuja.

Olayinka, who compared the report to the N1.0 billion of the year 2011, said it was surely a remarkable achievement.

“Our basic Earnings Per Share stood at 30k  from a negative position of 9k in the year 2011,“ he said.

He said that the bank, which has the vision to be a leading and reputable mortgage banking service provider, was being guided by core values of Professionalism, Reliability, Integrity, Team Work and Excellence (PRITE).

He said that in spite of the difficulties in the operating environment caused by violence, flood and improved regulation of financial institution, it would strive to exceed stakeholders’ expectations in terms of returns and assets.

Chief Babatunde Adefarati, Chairman of the bank, who reviewed the operating environment, said that the year was “one of refocusing for the outfit in all fronts leading to impressive returns”.

“Without doubt, the result achieved is sustainable in the foreseeable future,” he said.

Adefarati said that in spite of the operating challenges in the economy arising from on-going reforms in the financial system, the banking sector returned profits in the first quarter of the year.

NAN reports that both the management and shareholders agreed at the AGM that there would be no payment of dividends. (NAN)

Babatunde Akinsola
Babatunde Akinsola
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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