The Lagos Building Investment Company Plc recorded profit in its operations in the 2020 financial year, amid tough operating environment in the mortgage industry impacted by the Coronavirus Disease.
Announcing this in a statement, on Monday, the Managing Director, Mr Oluwatobiloba Lawal, LBIC also reminded stakeholders that the company’s 16th Annual General Meeting holds on Thursday, August 26, 2021.
LBIC said it was able to deploy prudent management strategies to survive and cross over to profit-making threshold hallmarked by innovative income generation and aggressive cost reduction.
“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 among the most competitive in the market, and the service level has become more responsive and in line with the industry benchmark,” Lawal stated.
The achievement was also as a result of the drive for efficiency in operations, which resulted in improved profitability as reflected in the audited financial report of 2020, it added.
“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, the company said.
According to the statement, Information and Communication Technology has enabled the organisation to reach more of its customers, at home and abroad, with less physical interface.
“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 technology, it is expected that LBIC’s 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,” the MD enthused.
Noting that LBIC is enrolled on the Lagos State Electronic Banking System of Revenue Collection, the company said, “LBIC is among the top 14 banks for the state government’s revenue collection, with a mission to become 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 Lagos, resulting in customers being able to get immediate value for payments made coupled with instant generation and issuance of receipts.”
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