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Heritage Bank announces N24.2bn gross earnings

By The Citizen
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Heritage Bank Plc announced gross earnings of N24.2 billion for the operating year ended December 31, 2015.

This was contained in an audited financial statement released by the bank for 2015, representing its first full operating year since the acquisition of former Enterprise Bank Plc in October 2014.

The financial statement showed that the bank recorded a profit before tax of N1.5 billion, profit after tax of N1.1 billion and net interest income of N12.2 billion.

Meanwhile, the bank attracted N312 billion as deposits from customers during the year, which was seen as an indication of confidence. This was as the bank said it supported businesses and individuals with N175 billion as loans and advances, achieving a total asset of N483.4 billion for the year.

Commenting on the result, Managing Director/Chief Executive, Heritage Bank, Mr. Ifie Sekibo, said: 'This result is a testimony to the increased acceptability of Heritage Bank's products and services by the banking public. It is also a reward for the diligent commitment of staff and management to our mission to create, preserve and transfer wealth across generations.

'In the 2016 operating year, our desire to reciprocate the patronage of our customers and goodwill from stakeholders has prompted us to introduce new and bespoke services driven by cutting edge technology designed to empower businesses and individuals with opportunities to achieve economic prosperity.

'The positive response to these efforts gives us assurance of improved financial performance in 2016 leading to enhanced returns to our investors.'

Heritage Bank was recently selected by the Central Bank of Nigeria (CBN) as its pilot partner to unveil, administer and manage the 'N3 billion Youth Innovative Entrepreneurship Development Programme (YIEDP).

The programme is aimed at creating sustainable wealth and employment in the country with focus on dependable job creating sectors such as agricultural value chain (fish farming, poultry, snail farming), cottage industry, mining and solid minerals, creative industry (tourism, arts and crafts), and Information and Communications Technology (ICT).

The selection of Heritage Bank as pilot partner for the programme was in recognition of its commitment to supporting Micro Small and Medium Enterprises (MSMEs).

In addition, the bank in partnership with the Centre for Values in Leadership (CVL) empowered 100 aspiring start-up entrepreneurs under the Young Entrepreneurship Business Training Programme (YEBTP).

The six months intensive course involving grooming, mentoring and financing include a three-month intensive capacity building training programme in the areas of keeping accounting records, financial discipline, sales and marketing in order to equip them with the knowledge base needed to succeed as entrepreneurs.

Also, the entrepreneurs underwent a month's hands-on internship/mentoring experience with the business mentors to understand and be acquainted with the technical skills needed for each specific business line under existing and experienced business owners. – The Sun.