Driven by robust innovative electronic banking initiatives, FinBank has recorded a profit after tax (PAT) of N2.32billion in the half year ended June 30, 2010, as against N2.21billion in the corresponding period of 2009.

A review of the financial result of the Bank released recently, showed gross earnings of N22.05billion and a 12.10% growth in the deposit base of the Bank to N220.20 billion in June 2010 as against N196.43 billion in December 2009.

The result also shows a significant improvement in the Bank”s operating expenses as it declined considerably by 32.78% to N10.89billion in June 2010, from the N14.46billion recorded 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 financial performance of the Bank is a clear indication that the Bank has turned around and is fast stabilizing as a profit making institution after a huge provisioning of N152.90 billion non-performing loans and advances in its balance sheet in the last financial year.

An inside source revealed that the result is a proof of the Management team”s resolve to strengthen the Bank”s key areas of competence and comparative advantage as well as entrench sound corporate governance and a robust risk management framework.

He stressed that the innovative strategies instituted by the Bank to drive e-banking among others is already paying off as shown in the Bank”s outstanding financial performance; adding that the Bank”s e-payment business and mobile payment platform was recently expanded and enhanced to ensure security, easy usage and convenience for customers.

Consequently, FinBank”s e-payments platform has become the preferred platform in local money transfer as schools, churches, government parastatals and corporate organizations are currently in varying degrees of negotiations to issue mandates to the Bank for their collections and payments.

The flagship electronic payment product of the Bank, the FlashMeCash, which is a mobile payment solution that allows transfers/payments of money and the purchase of recharge vouchers via text messages on mobile phones, was recently upgraded to include the Flashwallet which permits transactions on the account from any ATM of customers” choice.

The Bank has also expressed commitment to continue to adopt full disclosure and provisioning of delinquent risk assets as well as practice best corporate governance in compliance with the CBN and International Financial Reporting Standard (IFRS) requirements.

Market indications are that the innovative strategies of the Bank, which are already yielding positive results, will better position the Bank in the on-going recapitalization process.