By Kingsley Adegboye

TrustBond Mortgage Bank Plc has concluded plans to put a smile on the faces of the suffering widows across Nigeria by designing a special mortgage product for them, just as the primary mortgage institution (PMI) will soon formally launch its mobile App and ATM Card to enhance its operations. Mr. Adeniyi Akinlusi, Managing Director of the bank made the disclosure at the sixth Annual General Meeting (AGM) of the bank last week in Lagos.

He said the initiatives became imperative because this is the only way it can demonstrate its corporate social responsibility to the society as well as enhancing its operations. Akinlusi noted that the special product is aimed at alleviating the suffering of widows in the country, as they often get thrown out of their houses after they are bereaved.

He assured that the widows’ special product that will be launched soon will be made so simple that all widows can benefit from it. In his address, Chairman of the board of directors, Mr. Etigwe Uwa (SAN), said the pilot scheme for the mobile app and ATM Card is already being tested, adding that its launching will come up early next year. He pointed out that both products will add more value to the shares of the bank and enhance its operations.

Uwa noted that the Nigerian mortgage industry which is critical to the development and growth of the country had continued to adapt to regulatory changes designed to strengthen the mortgage sector. He pointed out that under the new CBN guidelines, permissible activities for PMIs are mortgage finance, real estate construction finance and acceptance of deposits.

According to him, this shift in policy on operational guidelines seemed to have brought the re-awakening that mortgage banks are “banks” and not real estate management firms with the need to continually refocus operations in line with the guidelines, informing that his bank has been committed to dedicating resources to ensure compliance with the relevant regulatory requirements.

The chairman added core competencies required have now shifted to improving and enhancing areas like deposit mobilisation, creation of risk assets, assets and liabilities management, risk management, financial regulatory compliance, etc. He emphasised that with a national franchise that enables the bank to engage in affordable home financing in all parts of the country, offer of innovative products catering to different needs of the populace and coupled with their growing brand in the industry, the bank is poised to take the opportunities that the estimated 17 million housing units Nigerian housing deficit presents.

On the performance of the bank for the year under review, he noted that despite the headwinds of 2014, gross earnings of the company increased by 5.3 per cent from N802.36 million in 2013 to N844.83 million in 2014. He said loss from continuing operations After Tax in 2014 reduced to N40.98 million from N76.26 million in 2013, while Profit After Tax in 2014 for discontinued operation reduced to N69.17 million from N139.56 million in 2013. He disclosed however, that Profit After tax and other comprehensive income for the financial year increased to N113.94 million from N63.77 million in 2013.