The bank closed with total assets and contingents of over N1
trillion.
According to the results, the bank recorded a year-on-year
double-digit growth of 39.42 per cent in customer deposit of N804.87 billion in
the year under review, compared with the N577.28 billion recorded the previous
year.
Also, the results show that net loans closed at N360.08
billion, which was a growth of 24.49 per cent, as against the N289.24 billion
recorded the previous year, as it continues to support its customers across
multiple sectors of the economy. Similarly, non-performing loans (NPL) reduced
to 4.7 per cent year-on-year, compared with 7.38 per cent it recorded in full
year 2019.
The bank has proposed a dividend of four kobo per share in
full year 2020, same as the previous year.
This would be the third straight year that the bank would be
paying dividends.
The Chief Finance Office of the bank, Tunde Mabawonku, who
gave updates on the results, said the bank weathered the disruptions of 2020
financial year through a sharp focus on safe lending, keeping non-performing
loans low and driving transaction income.
He explained further that the bank remains resilient and has
continued to grow its business in an efficient manner as we persist in adapting
our strategy to yield strong financial results despite the adverse economic
situation.
According to Mabawonku, “We have a clear strategy of
becoming the ‘Most Dominant Digital Bank in Nigeria’ by 2023. We have
positioned ALAT as the go-to platform by both increasing customer acquisition
and working with eco-system partners on payments and settlements.”
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