Business
Spring Bank Records 65% Income Rise
Spring Bank Plc recorded 65 per cent rise in income in 2009, according to the Managing Director and Chief Executive Officers, Mrs. Sola Ayodele.
Ayodele, who was reviewing activities in the bank last year, said the emerging positive development was the outcome of the newly infused spirit of operational efficiency, which has helped immensely to stabilise the bank and set it on the path of profitability.
She explained that the new strategic direction, which was introduced upon her assumption of office three months ago, focuses on effective liquidity management, loan recovery, operational efficiency corporate governance and recapitalisations.
These achievements, the bank chief added, are clearly geared towards a better performance over the recently published unaudited 2009 third quarter results.
She noted that the efficient deployment at the N50 billion lifeline from the Central Bank of Nigeria (CBN) has positively impacted on the liquidity ratio, which has since risen to about 50 per cent, thereby, doubling the required regulatory minimum of 25 per cent for a bank.
She also stated that the deposit liability has recorded a steady growth during the period as a result of a guided deposit drive approach, using the banks strong retail platform while reducing the cost of funds.
These developments, Ayodele insisted, would not have been possible if customers and stakeholders turned their back on the banks during its trying period.
She therefore thanked God for sustaining the bank and sparing the lives of its customers and stakeholders all through the year.
It is obvious that we would not have been able to reposition the bank and set it on the path of recovery in just three months without the firm support of loyal customers and stakeholders in spite of its many challenges since consolidation . “I thank them so much”, she said.
“I assure all our stakeholders that with a further focus on improved service delivery in the coming year, we are poised to ensure that the bank quickly assumes its pride of place among financial institutions in the country.