Alpha Morgan Bank has achieved a landmark financial performance in the first 10 months of its operations, largely due to strong synergy in customer acquisition and branch expansion, a deliberate focus on growth in demand deposits, creation of quality risk assets and balance sheet efficiency.
These achievements were further supported by robust operational processes powered by sound technology and systems, management depth and expertise, experience and strategic oversight provided by the company’s board.
An analysis of the lender’s books showed that pre-tax profit stood at N1.9 billion, reinforcing its emergence as one of the country’s most remarkable new-generation financial institutions. …-tax profit was N1.1 billion.
With this performance, Alpha Morgan Bank not only broke even within an exceptionally short period, but also delivered what is believed to be a record-setting early-profit performance in the Nigerian banking sector, underlining the strength of its strategy, the discipline of its execution and the confidence the market has placed in its business model.
It was observed that in the period under review, gross earnings were N13.1 billion, the operating income was N9.6 billion, net interest margin was 67 per cent, customer deposits stood at over N103 billion, and the non-performing loan (NPL) ratio was 0 per cent after disbursing about N10.1 billion in loans to customers.
“This is more than a financial milestone; it is a strong statement of what is possible when vision, discipline, sound execution, and market opportunity come together,” the chief executive of the financial institution, Mr Ade Buraimo, commented.
“From inception, Alpha Morgan Bank was built to be a commercial bank that is solution-driven and committed to delivering value at scale.
“To record a PBT of N1.9 billion in our first 10 months of operations is both historic and deeply encouraging. It reflects the dedication of our people, the trust of our customers and the solid foundation we have laid for long-term growth,” he added.
