Heritage Bank Announces N1.5bn Profit for 2015

Posted by African Examiner Business News, Latest Headlines Thursday, July 7th, 2016

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, 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 was recently selected by the Central Bank of Nigeria (CBN) as its pilot partner to unveil, administer and manage the “N3Billion 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 as pilot partner for the programme was in recognition of its commitment to supporting Micro Small and Medium Enterprises (MSMEs).

Recently, Heritage Bank 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.