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Enterprise Bank records N40bn gross earnings

By on April 30, 2013

Enterprise Bank Limited became the first among the bridged banks to make public its financial reports as it revealed that its gross earnings increased significantly to N40.4billion as at December 2012,  compared to the N10.5 billion achieved in the five-month period ended 2011.

The bank also realised a profit before tax (PBT) of N11.3 billion as at December 31, 2012, as against a loss of N5.2billion recorded in the five-month period it operated as at December 2011.

Enterprise Bank was created from the carcass of the defunct Spring Bank on August 5, 2011. This was as a result of an intervention by the Nigeria Deposit Insurance Corporation (NDIC) and the Central Bank of Nigeria (CBN). The commercial bank is wholly owned by the Asset Management Corporation of Nigeria (AMCON).

Enterprise Bank’s deposit also grew from N162.6billion in 2011, to N208.4 billion in 2012, just as its total assets climbed from N198.5 billion as at end of 2011 to N261.1billion in the year under review.
Speaking during at its Annual General Meeting (AGM), the Chairman of Enterprise Bank Limited, Mr. Emeka Onwuka, attributed the achievement by the bank to the sustained growth in quality risk asset creation, which equally engendered growth in interest income.

The Chairman 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 the performance, “a solid foundation has been built by the bank to ensure a sustainable growth in its business activities.”

Commenting on some of the structures that had been put in place by the management of the financial institution, he said: “Renovations were 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 were implemented in the year, in a bid to create more awareness about the bank in the marketplace. The bank’s electronic banking platform has been further enhanced by capital investments in Automated Teller Machines (ATMs), Point of Sale (PoS) terminals and several variants of electronic cards.”




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