The Lagos Constructing Funding Firm (LBIC) Plc has restated its dedication to implement strategic initiatives in the direction of restructuring enterprise and tapping into beforehand unexplored high-potential areas of the trade.
Chairman, Board of Administrators of the Firm Plc, Hakeem Ogunniran, stated this on the nineteenth yearly common assembly (AGM) of the LBIC in Lagos. He stated the financial institution is diligently working to reinforce shareholders’ funds, guaranteeing that the capital base exceeds the minimal requirement set by the Central Financial institution of Nigeria for Major Mortgage Financial institution.
Ogunniran disclosed that the overview of the 2023 consequence reveals a robust efficiency by the financial institution regardless of the unfavorable working atmosphere characterised by galloping inflation and different macro headwinds.
Based on him, the Gross Earnings of the financial institution grew by 28 per cent from N1.256 billion to N1.608 billion with a Revenue earlier than tax of N829 million, representing a development of 59 per cent over the N522 million revenue recorded within the earlier yr ended December 2022.
He revealed that the mortgage loans portfolio improved by 29 per cent from N572 million in December 2022 to N737 million unimpaired as of December 2023, whereas clients’ deposits elevated by 10 per cent to 4.596billion from N4.168billion in December 2022.
“The Financial institution maintained a well-structured and diversified stability sheet with Complete property and Shareholders’ Funds closing at N9.517 billion and N4.087 billion respectively. The Full Influence of Capital Adequacy Ratio (CAR) remained very sturdy, closing at 36 per cent. Total, asset high quality stays steady with NPL ratio maintained at 0.00 per cent as of December 2023,” he stated.
The Chairman stated the corporate’s operational philosophy is deeply rooted in sturdy governance ideas, including that the Board maintains a steadfast dedication to the best requirements of fine governance; pushed by its well-known pillars and the Nationwide Code of Company Governance.
“The present administration is tirelessly working to make sure that the financial institution not solely maintains its present profitability but in addition achieves its aim of turning into the main Major Mortgage Financial institution within the State. Each effort is being made to realize these aims,” he added.
The New Managing Director of the corporate, Olusola Faleye, stated the corporate is targeted on the digitisation of its operations to enhance entry by stakeholders and clients in addition to broaden the attain of the corporate to worldwide clients.
Increasing additional on the digitisation journey, fast previous Managing Director/Chief Govt Officer of the LBIC, Tobiloba Lawal, stated the corporate is poised to solidify its place as a pacesetter in digital transformation inside the monetary sector to reinforce its operational effectivity, buyer expertise, and general competitiveness.
Lawal stated the strategic imperatives might be bolstered to considerably improve the financial institution’s backside line by pursuing a big multiplication of Mortgage Contributors in LBIC, acceleration of dwelling possession in Lagos state, and facilitating native and overseas direct funding.
