Enterprise bank declares N11.3bn profit

Enterprise Bank Limited rose from its first Annual General Meeting (AGM) during the week and announced an impressive performance with a profit-before-tax of N11.3billion.

Enterprise Bank is one of the bridge banks that emerged on August 5, 2011 following the takeover by the Nigeria Deposit Insurance Corporation (NDIC) of the defunct Spring Bank Plc and its subsequent recapitalization and ownership by the Asset Management Corporation of Nigeria (AMCON).

The declared profit, which is for the year ended December 2012, is a marked improvement from the loss of N5.2billion for the five-month period it operated as at December 2011. It represents a growth of 316.6 per cent during the period. Other figures from the result show that gross earnings grew by 283.9 per cent to 40.4billion as at year ended December 2012 from N10.5billion achieved in the five-month period ended 2011.

The bank's deposit also grew from N162.6billion to N208.4billion between the year ended 2011 and 2012 respectively. This represents a growth of about 28.2 per cent. Total assets also experienced a growth of 31 per cent between the periods from N198.5billion as at end of 2011 to N261.1billion as at the end of 2012.

Speaking during the meeting, the Chairman of Enterprise Bank Limited, Mr. Emeka Onwuka, attributed the achievement by the bank to a sustained growth in quality risk asset creation, which equally engendered growth in interest income.

The Chairman stated that in addition to 'improvements in our other banking income items such as commissions, fees, electronic banking income, significant improvements in trade-related transactions, facilitated through our strategic focus on Small and Medium Enterprise (SME) helped in boosting our fees and commission income.'

Onwuka declared that by this sterling performance, 'a solid foundation has been built by the bank to ensure a sustainable growth in its business activities.'