Despite the tough operating environment in the mortgage industry, the Lagos Building Investment Company (LBIC) Plc had an impressive out in the 2020 financial year, the firm has claimed.

In statement issued ahead of the company’s 16th Annual General Meeting (AGM), slated for today, its Managing Director, Oluwatobiloba Lawal, explained that notwithstanding headwinds occasioned by the COVID-19 pandemic, the company deployed very prudent management strategies to survive and record profit.

The mortgage firm’s innovative income generation and aggressive cost reduction strategies promoted its profitability.

Lawal said the company was determined to maintain this positive success through the deployment of a combination of sustained management focus, business drive and minimal operating cost policies.

He said: “LBIC’s mortgage rates is amongst the most competitive in the market and the service level has become more responsive and in line with the industry benchmark.

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“This achievement was as a result of the drive for efficiency in operations which has resulted in improved profitability as reflected in the audited financial report of 2020.”

Lawal added that the 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.

He said the deployment of Information Communication Technology (ICT), has enabled the organisation to reach out to more of its customers with less physical interface, including those in the diaspora.

“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 on technology, it is expected that LBICs 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,” he added.

The firm has also been enrolled on the Lagos State Electronic Banking System of revenue collection.

It is ranked among the top 14 banks for revenue collection in the Centre of Excellence with a mission of becoming one of the top five in this category.

The managing director said: “The company is now in a position to collect and process revenue on the various electronic platforms on behalf of the Lagos State Government resulting in customers being able to get immediate value for payments made coupled with instant generation and issuance of receipts. Customers of LBIC are assured that the company will continue to deploy strategies towards becoming the preferred mortgage institution in Lagos State.”