Akwa Savings and Loans Limited, an Akwa Ibom State government-owned mortgage bank, has recorded significant milestones since 2021 following the current management’s effort in wriggling it out of insolvency.
The Chief Financial Officer (CFO) of the bank, Mr Akwere Essien, stating this at the July edition of the Management Performance Review (MPR) held at the bank’s corporate headquarters, Uyo, highlighted some of the milestones recorded by the current management and board of the bank.
Among them include first-ever sustained audited profits, 607 per cent growth in revenue, 40 per cent growth in deposit and 97 per cent growth in balance sheet size.
Others are increase in shareholder’s fund, payment of arrears of staffers’ salary, recovery of over ₦200 million bad loans that were written off, digitisation of operations with a robust core banking applications: mobile app, POS, and ATM cards.
Mr Essien said the bank’s impressive turnaround has earned it recognition and opportunities.
The bank recognised as the fastest growing mortgage bank on e-channel activities by Interswitch Nigeria in 2022 and was accredited by the Federal Mortgage Bank of Nigeria (FMBN) to provide mortgage services under the National Housing Scheme.
The CFO said the Akwa Savings and Loans Limited has a Memorandum of Understanding (MOU) with investors to develop 200 modular housing units at Paradise Park Estate near Ikot Oku Ikono Flyover in Uyo.
The staffers of Akwa Savings and Loans Limited, however, attributed the success to the visionary leadership of the MD/CEO in turning around the fortune of the bank.
They praised the Managing Director and Chief Executive Officer of the bank, Pastor Ime Okon, for successfully midwifing the bank to profitability, and passed a vote of confidence on him.
Pastor Okon, who thanked members of staff for the confidence reposed in the management, lauded them for working hard to meet their targets.
Okon attributed the quick and successful turnaround of the bank to the huge support received from the major shareholder – Akwa Ibom State Government – and the enabling business environment created by Governor Umo Eno-led administration.
He dedicated the successes recorded by the bank since 2021 to the utmost commitment shown by the staffers, and pledged increased rewards for staffers for their dedication to duty and commitment to the bank’s growth.
The MD/CEO said he was happy that the bank is getting better everyday.
Reported by Nsikak Esenowo
