Friday, November 22, 2024
34.4 C
Lagos

Heritage Bank Reports N1.5bn Profit for 2015

Heritage Bank Plc has announced a profit before tax of N1.5 billion for the operating year ended 2015.
This was contained in the audited financial statement announced by the bank for 2015, which represents its first full operating year since its acquisition of former Enterprise Bank Plc in October 2014.
The financial statement showed that the bank recorded Gross Earnings of N24.2 billion, Net Interest Income of N12.2 billion and Profit after Tax of N1.1 billion.
During the year, Heritage Bank attracted N312 billion as deposit from customers in 2015, indicating confidence in the bank. On the other hand, the bank supported businesses and individuals with N175 billion as Loans and Advances. Consequently, the bank achieved a Total Asset of N483.4 billion for the 2015 operating year.
Commenting on the result, Managing Director/Chief Executive, Heritage Bank Plc, Mr. Ifie Sekibo said: “This result is a testimony to the increased acceptability of Heritage Bank’s innovative products and services by the banking public. It is also a reward for the diligent commitment of the staff and management of the bank 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 Plc 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 Plc as pilot partner for the programme was in recognition of its commitment to supporting Micro, Small and Medium Enterprises (MSMEs).
Recently, Heritage Bank Plc 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 3-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.
In addition, the entrepreneurs underwent a month hands-on internship/mentoring experience with the business mentors to understand and be acquainted with the technical skills needed for each specific business lines, under existing and experienced business owners.

spot_img
spot_img
spot_img

Hot this week

NNPC’s Utapate Crude Grade Hits Global Oil Market, OML 13 Eyes 80,000 bpd by 2025

Managing Director, NNPC E & P Limited (NEPL), Mr....

UNIDO, ILO, Others to Headline 5th Lagos Waste Forum

Top government officials, Coca-Cola, the United Nations Industrial Development...

Polaris Bank Champions Financial Literacy for Students in Commemoration of World Savings Day 2024

Polaris Bank concluded its nationwide financial literacy initiative with...

WAICA: Heirs Insurance Sector Head Seeks AI Innovation to Drive Insurance Growth

L-R Niyi Onifade, Sector Head, Heirs Insurance Group and...

Topics

CIIN President, Registrar Honour The Nation’s Insurance Editor at Father’s Burial

L-R: Mr. Edwin Igbiti, President/Chairman of Council, Chartered Insurance...

Allianz Report Lists Key Africa Business Risks in 2O16

According to a report ‘Allianz Risk Barometer 2O16’ released...

NSE to Host 2018 ASEA Conference

The Nigerian Stock Exchange (NSE) has emerged the preferred...

Ecobank Nigeria: Four Millionaires in Super Reward Scheme

Ecobank Nigeria has presented grand prize of N1 million...

Nigerian Content Key to Meeting Renewed Hope Agenda – Petroleum Minister

    The Minister of State for Petroleum Resources (Oil), Senator...

NPA MD Tours Apapa Road Rehabilitation Project

The Managing Director of the Nigerian Ports Authority (NPA)...

AIICO Insurance Reaps CEO, Corporate Brand Awards

It was a moment of celebration and recognition for...

Leadway Sponsors The Voice Nigeria to Support Entertainment Industry Insurance

In reinforcing its commitment to promoting insurance and deepening...
spot_img

Related Articles

Popular Categories

spot_imgspot_img