Safetrust grows shareholders’ fund 19% to N2.016bn, records N404m

During its financial year ended December 31, 2012, Safetrust Savings and Loans Limited, a first generation mortgage institution in Nigeria, grew its shareholders’ fund by 19 percent to N2,016,933,000, up from N1,694,879 in 2011.

The bank has also declared a profit after tax (PAT) of N404,260,000 for the same period, representing a 244.17 percent increase in N117,458,000 achieved in the previous year.

Yinka Adeola, the bank’s managing director/CEO, who disclosed this at the bank’s annual general meeting in Lagos recently, added that the bank also made a significant increase in its earnings per share from 11kobo in 2011 to 38 kobo in 2012, which “indicates that our brand is attractive to investors.”

The bank, in compliance with the Central Bank of Nigeria’s (CBN) directive that all PMIs must recapitalise to N2.5 billion for State Operating Licence or N5 billion for the National Licence is seeking to increase its shareholders’ fund from N2.016 billion to N2.5 billion to operate the state licence.

Akintayo Oloko the bank’s executive director, announced at the AGM that the bank was offering to existing shareholders by way of rights issue, one unit of additional shares to two units of existing shareholdings.

“This issue of additional 550,000,000 share units at N1.00 per share will enable us to increase our current shareholders’ fund from N2.016 billion to N2.566 billion. The opening date is July 1, 2013, and it closes on July 31, 2013,” Oloko said.

Another significant highlight of the bank’s activities for the year 2012 financial was the approval of the International Financial Reporting Standards (IFRS) Audited Financial Statement for the period ended December 31, 2012.

The bank’s 2012 year-end financial statement also witnessed an increase in its transfers to general reserve by 44.70 percent to N260,064,000, up from N179,752,000 in 2011.

Safetrust, which opened for business in 1993, is managed by a nine-man board of directors with Akin Opeodu as chairman.