Governor Dapo Abiodun of Ogun State, has lauded the Board and Management of Gateway Mortgage Bank (GMB) Limited for their dedication and commitment to sustained growth and profitability despite economic challenges over the years.
Governor Abiodun was speaking in Abeokuta, during the Bank’s 8th Annual General Meeting (AGM) and presentation of its Financial Statements for year 2024.
Prince Abiodun represented by his Chief Economic Adviser and Commissioner for Finance, Mr. Dapo Okubadejo, described the Bank’s consistent performance as a testament to the quality of its leadership and sound management
He noted that Gateway Mortgage Bank had continued to record steady improvement in key performance indicators, including gross earnings, total assets and shareholders’ funds.
Abiodun observed that, despite the prevailing inflationary pressures in Nigeria and globally, which typically result in higher interest rate especially in the mortgage sector, the Bank had remained profitable which aligned with his administration’s drive for sustainable economic development and broad-based empowerment across Ogun State.
He urged the Bank to diversify its income base, embrace digitisation and explore refinancing through partnerships with development institutions to further sustain its growth
He added that the State Government’s success in raising its Internally Generated Revenue (IGR) to almost ₦200 billion in recent years which enabled it to fund infrastructure, provide social amenities and improve citizens’ welfare was due to direct diversification and improvement of the economy by the present administration.
Similarly, Chairman, Board of Directors of the Bank, Evang. Samuel Durojaiye, said the Bank recorded strong results during the financial year under review, reflecting resilience and adaptability in a challenging economic environment.
He disclosed that gross earnings rose to ₦1.652 billion from ₦1.33 billion in 2023, while profit after tax increased to ₦179.1 million from ₦151.4 million. Profit before tax also grew to ₦271.2million from ₦200.2 million, despite a 40.49 percent rise in interest expenses. Customer’s deposits grew by 14.34 percent, which is ₦3.68 billion, while total assets rose by 9.4 percent to ₦11.09 billion as against ₦10.138 billion in 2023.
Durojaiye, expressed appreciation to the State Government under Governor Abiodun’s leadership for its unwavering support and policies that had continued to create an enabling environment for businesses to thrive, while assuring shareholders that the Bank remained committed to prudent management, innovation, and sustainable value creation.
One of the shareholders, the Osi of Egbaland, Chief Bode Mustapha, applauded the Gateway Mortgage Bank for putting in place a crop of experienced experts at the helm of affairs, saying this would be a catalyst for the bank to increase in earnings and profit in its financial report.
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