Trustbond Mortgage in aggressive push for customer-centric solutions

In response to changing dynamics in modern mortgage banking and the challenges in the global economy, businesses that provide essential services are constantly reinventing and repositioning themselves to remain relevant and profitable.

For Trustbond Mortgage Bank Plc, one of Nigeria’s leading mortgage banks, this response is not only critical, but also imperative and urgent, hence its management has embarked on creating customer-centric solutions through the use of smart technologies in a professional and friendly atmosphere.

“We are changing our business dramatically from reliance solely on branch banking for customer engagement to multi-channel banking in response to the dynamic lifestyle of our customers in a constantly changing business environment and customer preference”, Adenyiy Akinlusi, the bank’s MD/CEO, told shareholders at their 6th Annual General Meeting in Lagos recently.

Etigwe Uwa, the bank’s chairman, added that the bank would soon formally launch its mobile banking App and ATM card, noting that the pilot scheme for both technology devices was already being tested while the launching would come up early next year.

In spite of the challenges posed by the continued compliance with the new guidelines for mortgage banks in Nigeria, Trustbond which is one the very few granted license by the Central Bank of Nigeria (CBN) to operate nationally had an impressive outing in its financial year ending December 31, 2014.

“We recorded appreciable progress in the wind-down exercise of our real estate assets (non-current assets) in furtherance of our commitment to fully comply with the new guidelines, while ensuring that shareholders value is not eroded in the process”, Akinlusi disclosed, adding, “remarkable milestones were achieved in business development areas, essentially in mortgage finance, construction finance and financial advisory services to position the bank on a sustainable growth path”.

“To this end”, he continued, “we increased our market reach and improved our customer engagement.  As a result, our bank was able to record significant growth in loans and advances towards the end of the financial year; thus, notwithstanding the operational and regulatory headwinds, our risk assets grew by 229percent”.

Within the year under review, the bank was able to increase its gross earnings by 5.3 percent to N844.83 million, up from N802.36 million in 2013.  Loss from continuing operations after tax reduced to N40.98 million from N76.26 million in 2013.

Profit after tax for discontinued operation reduced to N69.17 million from N139.56 million in 2013. However, profit after tax and other comprehensive income for the financial year increased to N113.94 million from N63.77 million in 2013.

The managing director assured that despite the operational headwinds that would most likely characterize the operating environment in 2015, the bank would remain competitive and strive to improve its profitability.