By Esther Agbo
PremiumTrust Bank, Nigeria’s rapidly ascending commercial banking institution, has marked a significant milestone by holding its inaugural Annual General Meeting (AGM) in Lagos.
The event, which brought together key stakeholders, served as a platform for the bank’s leadership to underscore its robust financial performance for the 2023 fiscal year and to reassure stakeholders of its continued commitment to profitability and sustainable growth.
At the AGM, the Chairman of the Board of Directors of PremiumTrust Bank, Dr. Perez Araka, FNSE, emphasised the bank’s dedication to delivering consistent financial stability and value across all customer segments, including the banked, underbanked, and unbanked populations in Nigeria.
He highlighted the Board’s strategic focus on leveraging the bank’s inherent strengths to ensure its ongoing success.
Reinforcing these sentiments, the Managing Director and CEO of PremiumTrust Bank, Mr. Emmanuel Efe Emefienim, CON, FCIB, expressed confidence in the bank’s ability to surpass its remarkable 2023 financial performance in the coming year.
He pointed to ongoing innovations and expansions in the bank’s service offerings as key drivers of future growth.
“The numbers are already trending in the right direction, and when we gather here next year, the results will surpass what we recorded this year,” Mr. Emefienim assured.
The bank’s 2023 financial performance demonstrated its rapid growth, with total Gross Earnings reported at N47.80 billion and Profit Before Tax (PBT) at N14.10 billion. Customer Deposits stood at N260.90 billion, while Total Loans amounted to N181.20 billion.
The bank also reported a Net Interest Margin (NIM) of 82 percent, a Return on Equity (ROE) of 61 percent, and a Cost of Funds (CoF) at a competitive 2 percent.
As the fastest-growing bank in Nigeria, PremiumTrust Bank continues to solidify its leadership position in the industry.
The institution’s impressive 2023 results, coupled with its relentless drive for innovation, position it to deliver even stronger financial outcomes in 2024, further reshaping the Nigerian financial landscape.