LBIC defies COVID-19 strains on mortagage investment, records profits for 2020
By Moses Adeniyi
The Lagos Building Investment Company Plc (LBIC) despite the tough operating environment posed by the COVID-19 pandemic on the mortgage industry, recorded profit in the year ended 2020, Nigerian NewsDirect has gathered.
The disclosure was contained in a statement released by the Company and signed by its Managing Director, Mr Oluwatobiloba Lawal.
According to the statement, against the hostile limitations posed by the COVID-19 pandemic, the company’s record of profit was informed by “prudent management strategies” deployed to survive and cross over to profit making threshold “hallmarked by innovative income generation and aggressive cost reduction strategies.”
In the statement, Lawal said the deployment of Information Communication Technology (ICT), has enabled the organisation to reach out to more of its customers with less physical interface, including those in the diaspora.
“The improved ICT of the Company has positively impacted its retail customer base through the automation of its account opening process which has further empowered it to offer full banking services.
“By leveraging on technology, it is expected that LBICs customer base will increase as its customers will be able to carry out transactions online real time from the comfort of their homes and offices everywhere in the world,” he said.
He added that LBIC’s mortgage rates is amongst the most competitive in the market and the service level has become more responsive and in line with the industry benchmark.
It has however been gathered that the 16th Annual General Meeting (AGM) of the Company has been fixed for this coming Thursday, 26th August 2021.
The statement titled “LBIC records profits, defies tough operating environment” reads partly: “Notwithstanding that the year was one in which the Company battled the headwinds of the COVID-19 pandemic, it (company) was able to deploy very prudent management strategies to survive and cross over to profit making threshold hallmarked by innovative income generation and aggressive cost reduction strategies. The Company is determined to maintain this positive success through the deployment of a combination of sustained management focus, business drive and minimal operating cost policies.
“LBIC’s mortgage rates is amongst the most competitive in the market and the service level has become more responsive and in line with the industry benchmark. This achievement was as a result of the drive for efficiency in operations which has resulted in improved profitability as reflected in the audited financial report of 2020.
“LBIC has been consistent with its vision of serving low and medium income earners and has demonstrated this by being the mortgage administrator for the LagosHOMS Scheme and Lagos State Civil Servants.
“Another positive new development is the enrolment of LBIC on to the Lagos State Electronic Banking System of Revenue Collection; LBIC is among the top fourteen banks for Lagos State Governments revenue collection with a mission of becoming one of the top five in this category.
“The Company is now in a position to collect and process revenue on the various electronic platforms on behalf of the Lagos State Government resulting in customers being able to get immediate value for payments made coupled with instant generation and issuance of receipts.
“Customers of LBIC are assured that the Company will continue to deploy strategies towards becoming the preferred mortgage institution in Lagos State.”
