The Lagos Building Investment Company, LBIC Plc (Morgage Bankers), on Tuesday, 8th December, 2020, held its 15th Annual General Meeting, at the Conference Hall of the Bank.

Speaking at the event, the Chairman, Board of Directors, Mr Hakeem Ogunniran, stated that LBIC Plc continued on a path of growth despite the challenging operating environment as gross earnings grew by 9 percent from #551 million in 2018 to #604 million in 2019.

According to the Chairman, the Bank recorded a marked improvement in fund mobilisation as customer deposits grew to #2.39 billion naira as at 31st December, 2019. The Bank closed the 2019 Financial Year with a Shareholders’ Fund of #2.811 billion and a Total Asset of #6.316 billion. 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.

Mr Hakeem Ogunniran said that the business year afforded the company the 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. The Bank has also created quality mortgage loans in line with the underwriting standards of the Nigeria Mortgage Refinancing Company (NMRC).

He noted, with great excitement, the full-strength loyalty and unceasing support of the members, nothwithstanding the toughness of the current economic realities, and expressed his persuasion that, with the level of such support, the Bank will achieve its vision and goals in a matter of time.

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