FinBank Plc has improved its financial performance with a record profit after tax of N2.3billion in the half year ended June 30, 2010.

This is  an improvement over the N2.2billion recorded in the half year result for 2009.
The June 2010 financial statement of the Bank, which is the second quarterly results to be published since the CBN intervention and institution of the turnaround managers in August 2009, indicates gross earnings of N22.05billion and a rise in deposit base to N220.20 billion, a 12.01% growth when compared with the N196.43 billion deposit base in December 2009.

FinBank appears to have settled on the path of stable profitability as it significantly reduced its operating expenses to N10.89billion in June 2010, indicating a 32.78% decrease against the N14.46billion expended in the corresponding period of 2009.

Total assets of the Bank also increased to N195.76billion in the financial period under review, reflecting a 24.02% rise over the December 2009 level of N157.84billion.

The current financial performance of the Bank is accentuated further on account of the Bank’s adequate provision for a N152 billion non-performing loans and advances in the last financial year.