By Chinwendu Munachi
In a bid to provide more banking opportunities to Nigerians at home and in the diaspora, AG Mortgage Bank Plc has stated that it intends to leverage more on technology, and launch new innovative product offerings as the year progresses.
The bank made this known at its concluded 2021 and 2022 Annual General Meetings (AGM) which held in Lagos recently. The AGM brought together shareholders, board members, regulators and other stakeholders to discuss key developments and decisions that will shape the bank’s future.
During the course of proceedings, the bank revealed that it recorded revenue of N2.02 billion in 2022, representing a 33 per cent increase compared to the previous year (2021), which was N1.52 billion. According to bank, Profit before tax (PBT) rose by 35 per cent, from N281.2 million to N379.2 million in 2022, while profit after tax (PAT) increased by 10 per cent, from N203.9 million in 2021 to N224.2 million in 2022. These impressive financial results, according to the statement made available to Daily, reflects AG Mortgage Bank’s sustained growth and market strength.
The AGM highlighted the bank’s strategic initiatives and future plans. The company unveiled its ambitious expansion strategy, targeting new markets and innovative product offerings, as well as leveraging digital innovations. Key strategic partnerships were announced, aiming to enhance AG Mortgage Bank’s competitive edge and drive further growth. Additionally, the bank emphasized its commitment to ESG and sustainability, technological advancement and quest to stand out in the mortgage industry, providing efficient and productive mortgage solutions to Nigerians both in the diaspora and at home.
Shareholders participated in the election of board members, ensuring strong corporate governance and leadership continuity. Notably, Amb. Felix Nwabuko, the chairman of the board, is one with a wealth of experience and expertise to guide AG Mortgage Bank’s strategic direction. The AGM also witnessed the appointment of new directors, adding valuable perspectives to the board.
The occasion provided an opportunity for shareholders to express their concerns and seek clarification on matters pertaining to the bank. AG Mortgage Bank’s management addressed various shareholder questions regarding issues of corporate governance, market trends and dividends. Management’s proactive and transparent responses demonstrated their commitment to maintaining a strong relationship with shareholders.