Enterprise Bank declares N11.3bn profit
LAGOS: ENTERPRISE Bank Limited has recorded gross earnings of N40.4billion up from N10.5 billion achieved in the five-month period ended 2011 and profit-before-tax of N11.3 billion for the financial year ended December 2012.
Enterprise Bank is one of the bridge banks that emerged on August 5, 2011 following the takeover by the Nigeria Deposit Insurance Corporation (NDIC) of the defunct Spring Bank Plc and its subsequent recapitalization and ownership by the Asset Management Corporation of Nigeria (AMCON).
Speaking during the bank’s yearly general meeting in Lagos recently, the Chairman of bank, Mr. Emeka Onwuka, explained that the percentage increase in gross earning is 283.9 per cent, noting that the profit was a marked improvement from the loss of N5.2billion for the five-month period it operated as at December 2011.
He added that the increase in profit represents a growth of 316.6 per cent during the period.
According to him, the bank’s deposit also grew from N162.6billion to N208.4billion between the year ended 2011 and 2012 respectively. This represents a growth of about 28.2 per cent.
Total assets also experienced a growth of 31 per cent between the periods from N198.5billion as at end of 2011 to N261.1billion as at the end of 2012.
Onwuka, attributed the achievement by the bank to a sustained growth in quality risk asset creation, which equally engendered growth in interest income.
He stated that in addition to “improvements in our other banking income items such as commissions, fees, electronic banking income, significant improvements in trade-related transactions, facilitated through our strategic focus on Small and Medium Enterprise (SME) helped in boosting our fees and commission income.”
Onwuka declared that by this sterling performance, “a solid foundation has been built by the bank to ensure a sustainable growth in its business activities.”
He listed some of the valuable structures that have been put in place by the executive management of the institution, with the full support of the Board of Directors to include; renovations carried out on the corporate head office and branches of the bank, which is believed will enhance the competitiveness of the bank in the industry, several brand management initiatives implemented in the year, in a bid to create more awareness about the bank in the marketplace, the bank’s electronic banking platform which was further enhanced by capital investments in Automated Teller Machines (ATMs), Point of Sale (POS) terminals and several variants of electronic cards.
He added that business alliances were also established with major players in e-business so as to ensure seamless transaction processing on the platform.