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Turnover realised by Omoluwabi Mortgage Bank in the first quarter of 2019 rose by 3.7 percent to N125.1 million from N120.6 million same period last year. The Q1 2019 turnover amounted to 27 percent of N460.9 million turnover the firm made in full year 2018, implying that it stands a good chance to surpass the 2018 record in full year 2019. Interest income for the period rose to N54.6 million, a 93 percent increase over N28.3 million realised in similar period in 2018. Net interest income for the period rose to N42.3 million, which was twice as much as N21.7 million recorded at the end of the first quarter of 2018.
However, fee income declined sharply to N6.3 million compared with N16.2 million recorded same period in 2018. Consequently, total operating income was down to N112.8 million at the end of the quarter as against N114 million it posted in similar period in 2018.
Total operating expenses increased to N79.6 million in contrast to N75.9 million it made in 2018. The total comprehensive income for the period fell to N33.3 million as against N38 million the firm recorded at the end of the first quarter of 2018.
Meanwhile, the share price of MTN Nigeria recorded its first decline nine days after it was admitted to the main board of the Nigerian Stock Exchange (NSE). It shed 6.04 percent to close at N140 per share on Friday May 24, 2019. MTN Nigeria ended the week with a market capitalisation of N2.85 trillion representing 21 percent of the overall equity market while Dangote Cement which ended the week at N200 per share and controlled 25 percent of the equity market capitalisation. It ended the week with N3.41 trillion market capitalisation.
In spite of the decline, analysts are … Read More...