Gov Abiodun hails Gateway Mortgage Bank for sustained growth, profitability

Ogun State Governor, Prince Dapo Abiodun, has commended the Board and Management of Gateway Mortgage Bank (GMB) Limited for their resilience and commitment to sustained growth and profitability despite prevailing economic challenges.

The governor gave the commendation in Abeokuta during the bank’s 8th Annual General Meeting (AGM) and presentation of its 2024 financial statements.

Represented by his Chief Economic Adviser and Commissioner for Finance, Mr. Dapo Okubadejo, Abiodun described the bank’s consistent performance as a reflection of sound leadership and prudent management practices. He noted that GMB had continued to record steady improvements in key performance indicators such as gross earnings, total assets, and shareholders’ funds.

He observed that despite inflationary pressures and rising interest rates in the mortgage sector, the bank had remained profitable, a feat he said aligns with his administration’s drive for sustainable economic growth and broad-based empowerment across the state.

Abiodun urged the bank to diversify its income streams, deepen digital adoption, and explore refinancing opportunities through partnerships with development finance institutions. He added that Ogun State’s success in raising its Internally Generated Revenue (IGR) to nearly ₦200 billion in recent years was a product of economic diversification and improved fiscal management under his administration.

Presenting the bank’s 2024 financial report, Chairman of the Board, Evang. Samuel Durojaiye, said GMB delivered strong results despite a challenging macroeconomic environment.

According to him, gross earnings rose to ₦1.652 billion from ₦1.33 billion in 2023, while profit after tax increased to ₦179.1 million from ₦151.4 million. Profit before tax grew to ₦271.2 million from ₦200.2 million, even as interest expenses climbed by 40.49 percent. Customer deposits rose by 14.34 percent to ₦3.68 billion, while total assets grew by 9.4 percent to ₦11.09 billion, up from ₦10.14 billion the previous year.

Durojaiye expressed appreciation to the state government for its continued support and business-friendly policies, assuring shareholders of the bank’s commitment to prudent management, innovation, and sustainable value creation.

Also speaking, a shareholder and Osi of Egbaland, Chief Bode Mustapha, applauded the bank for assembling a team of seasoned professionals, saying their expertise would further strengthen its earnings and profitability in the coming years.