Alpha Morgan Bank records N1.9bn profit before tax in first 10 months of operations

Alpha Morgan Bank has reported a Profit Before Tax (PBT) of N1.9 billion within its first 10 months of operations, according to its latest financial statement.

The bank said the result was supported by growth across several key financial and operational indicators during the period. It reported customer deposits exceeding N103 billion, gross earnings of N13.1 billion, a net interest margin of 67 per cent and a non-performing loan ratio of zero per cent.

According to the bank, the performance was driven by customer acquisition efforts, branch expansion, growth in demand deposits, creation of quality risk assets and balance sheet management initiatives.

The lender also attributed its performance to operational processes supported by technology, management expertise and strategic oversight from its board of directors.

Commenting on the financial results, the Managing Director of Alpha Morgan Bank, Ade Buraimo, said the performance reflected the institution’s business strategy and operational approach.

He noted that the bank’s ability to achieve profitability within its first 10 months of operation demonstrated the contributions of its workforce, customer base and the foundation established since its launch.

Buraimo added that the bank remains focused on sustaining growth and delivering value to its stakeholders as it expands its operations in Nigeria’s banking sector.