Equitorial Trust Bank posted a 73 per cent increase in profitability which rose to N3.72 billion at the end of the year ended June 30th 2007. Meanwhile, in a bid to increase   its share of the MoneyGram market in the country, the bank has opened another Moneygram Red shop in its Okota branch.

The bank’s financial report for the year ended June 30, 2007 released recently showed robust growth in the key fundamentals. The profit after tax of the bank increased by 73 percent compared to 14 percent growth in gross earnings, an indication of the bank’s exceptional level of resource deployment, good asset mix and appreciable level of efficiency.

It is instructive to note that the profit growth is more commendable judging that the growth in gross earnings was not commensurate with that of profit, which is an attestation of prudent management of resources by the team of professionals running the bank.

Specifically, the phenomenal growth is shown by the profit after tax increasing by 73 percent from N2.15 billion in 2006 to N3.72 billion in 2007, a development which reflects proper application of resources.

Similarly, the bank’s Profit Before Tax grew by 55 percent from N2.51 billion in 2006 to N3.88 billion in 2007 which is good news to the shareholders and reiterates the determination of the bank to remain a key player in the financial services sector.

The bank’s total asset profile grew by 20 percent from N109.74 billion in 2006 to N130.44 billion respectively, reflecting great resources employed by the bank to develop its business.
In addition to this, the bank recorded growth in other key areas. For instance, the balance sheet size (including total assets and contra items) of the bank rose by 34 percent from N116.75 billion (2006) to N156.27 billion in 2007.

In line with the desire of the Federal Government to grow the private sector of the economy, ETB identified with the needs of the bank’s public by offering more credit to businesses and households within the 2007 financial year as shown by its growing its loans and advances portfolio from N29.58 billion to N32.54 billion.

In the same vein, to show their immense confidence in the bank, customers increased their stakes in the bank by growing its deposit size from N72.77 billion to N82.58 billion in 2007 while the shareholders’ fund rose from N28.41 billion (2006) to N32.12 billion in 2007. 

The Board and Management of the bank, with its strategic plan to operate from over 200 branches before the end of the current financial year, would definitely enhance this performance in all financial indices in the coming years. This report is an attestation of the dividends of the re-engineering and refocusing of the business embarked on by the management of the bank.

Meanwhile, determined to deepen its share of the MoneyGram market in the country, Equitorial Bank has opened another Moneygram Red shop in its Okota branch.

Speaking at the commissioning of the Red Shop, Executive Director of the bank, Mr. Charles Nwaechie disclosed that the bank has also concluded plans to open two additional Red Shops in Sapele and Adesuwa branches in Benin, assuring customers of quality MoneyGram services beyond their expectations.

He  noted at the commissioning of the Red Shop that, “The essence of opening this latest point is mainly to provide quality service to our brothers and sisters, our parents and our younger ones who have chosen MoneyGram as their mode when it comes to receipt of funds from overseas. It is also aimed at consolidating our strong partnership with MoneyGram in international money transfer market,” he added.

Nwaechie explained that the decision of the bank to partner MoneyGram in international money transfer was informed by the high standard of professionalism exhibited by the agency in the handling of money transfer worldwide, especially in the areas of providing adequate support to agents to aid their operations.

He said the bank on its part has brought on board its efficient and tested customer service delivery channels, which have endeared the bank to MoneyGram funds recipients, hence, the phenomenal growth in patronage. In sustenance of this profile, he said ETB has embarked on continuous branch network expansion that guarantees more outlets for our MoneyGram recipients.

He remarked “It is on record that ETB has established itself as a dominant player in money transfer through Moneygram leading to the award of The Best MoneyGram s Agent in Africa last year. This confirms the position of ETB as a highly efficient and reliable financial institution especially in money transfer and strategic international operations”.

The Bank, he added came tops among banks in Africa, including Nigeria where we now have six direct agents on the consideration of its outstanding growth in transaction volume, zero fraudulent profile, improved customer service delivery and availability of foreign currencies in all its locations at all times.

In addition he said the bank’s outstanding responsiveness to operational issues, structured marketing and effective communications with MoneyGram regional office were also factors leading to the emergence as the winner of the Award.