Omosavbnk post 58% drop in Q1 profit

Omoluabi Savings and Loans Plc has declared a profit of N9.103 million for first Quarter ended 31st March 2016.  This signifies a 58 percent decline from N21.666 declared as profit for the same period of 2015.

The company also declared a profit before income tax of N29.1 million naira against N30.9 million recorded a year ago, as Personnel and other expenses grew by 88.7 percent to N36.6 million in 2016 from N19.4 million while Earnings per share shrinked to 41 kobo from 49 kobo achieved last year.

However, Net assets of the company slightly grew by N5.6 million or 0.24 percent to N2.371 billion from N2.365 billion recorded in March 2015. The share price of the company last traded at 92 kobo per share.