Afribank meets shareholders in Abuja tommorrow
September 24, 2008 by ella
Tthe shareholders of Afribank Nigeria Plc will tomorrow gather in Abuja for its 39th yearly general meeting.
The board and management of the bank will also hold a dinner for customers, shareholders and stakeholders to mark a successful financial year of the financial institution today, also in Abuja.
Afribank had last month announced N15.11 billion profit before tax for its financial year ended March 31, 2008, a quantum leap from N9.13 billion PBT in the 2007. It recorded Gross earnings of N49.19 billion in the financial year compared with N27.53 billion in the previous year, showing an increase of 78.67 per cent.
The performance of the bank in the year translated into 38.4 per cent return on its Shareholders’ Funds of N39.52 billon. By this, Afribank has emerged the fastest growing bank in the country to achieve such a phenomenal growth in returns.
Shareholders of the bank have declared their intention to give out a bonus of 1 (one) for 3 (three) ordinary shares of the bank held and a cash dividend of 50 kobo per share.
Total assets of the bank also grew by 88 per cent to N352.27 billion from N187.07 billion in 2007 while earnings per share of the bank witnessed 78 per cent growth from 99 kobo in 2007 to 176 kobo in 2008.
Market analysts have also noted that since the new management came in 2006, the bank has consistently grown its fundamentals. This removes all doubts about the bank’s ability to sustain its growth tempo. They believe that its operational model is strong enough to withstand market dynamics.
Already, there are speculations that following the bank’s full deployment of the new capital, the effect on all performance indices has been phenomenal. The bank continued its streaks of market and business breakthroughs after expanding and deepening its operations, and growing its presence in the local and international markets.
