By PETER EGWUATU

Resort Savings & Loans Plc has bounced back to profitability, recording a N107 million unaudited profit for the third quarter ending September 2012, after the necessary provision on account has been made.

The company has grown its deposit base to N1.9 billion from a deposit liability of N480 million in 2009, according to the bank’s recent statement.

Within the same period, the leading mortgage banker has shot up from a 3 branch, 2 cash centre financial institution to a 9-branch and 4-cash centre bank.

Bringing the bank to this healthy state, according to financial analysts, must have been a task that tried the expertise and managerial skills of the management team following the challenges the bank was  confronted with up till 2009 when it recorded a deposit liability of N480 million and had many debtors to contend with.

To restore the bank to sound health, its Board sought and obtained the approval of the relevant regulatory bodies for three new directors who were appointed to represent the shareholders and direct the affairs of the bank.

Since then, the reconstituted team has continued to pilot the affairs of the bank towards stability and profitability.  Through its aggressive pursuit of the bank’s debtors, over N352 million has been recovered and much effort is still directed in this direction, with a source in the bank hinting on the recovery of more loans in the months ahead.

A source close to the company revealed that the management in its determination to recover all outstanding loans, has referred difficult debtors to the regulatory and enforcement agencies, to ensure repayment and/or prosecution.

Under the leadership of the new board, the bank is currently managing, developing, and providing mortgages in many states across the country.

They include: Jalingo, Taraba State-382 houses, Yola, Adamawa State-760 Houses, Ofada, Ogun State-420 Houses, and Pearl Gardens, Lekki

The bank is also currently collaborating with the Lagos State Government in the development of over 120 hectares of land in different locations, while it is also working with the Federal Road Safety Corps FRSC, to develop and provide mortgages for a minimum of 400 officers in Ekiti State.

To deliver quality services to its fast expanding customer base, and in conformity with modern banking trends, Resort Savings & Loans has successfully deployed its Resort Debit Cards to all its branches and over 3,000 of its customers nationwide are currently enjoying