Afribank Records N12.2 Billion Post Tax Profit
FOR shareholders of Afribank Nigeria Plc, returns on investment may be better in the financial year ended March 31, 2008, going by the figures released by the bank's group managing director, Mr. Sebastine Adigwe, at the Nigerian Stock Exchange (NSE), yesterday.
The result came on the heels of confirmation of the news making the rounds that Mr. Osa Osunde, one of the bank's directors, would be confirmed as the bank's substantive chairman at the forthcoming yearly general meeting.
By the results presented to the NSE yesterday by Adigwe, the bank's profit after tax grew from N5.19 billion in 2007 to N12.24 billion in 2008, on a gross profit which rose from N9.14 billion to N17.3 billion.
Gross earnings grew from N27.54 billion in 2007 to N51.3 billion in 2008, while total assets grew from N187.1 billion in 2007 to N480.8 billion in 2008.
Shareholders' funds grew from N31.32 billion to N43.965 billion, while return on equity pre-tax rose from 16.6 per cent in 2007 to 27.8 per cent in 2008.
Earnings per share rose from 99 kobo in 2007 to 240 kobo in 2008, while number of shares outstanding stood at N6.13 billion.
According to Adigwe, the recent public offering embarked upon by the company was successful as the bank raised N105 billion, indicating that the offer was 105 per cent subscribed, and the shareholders' fund must have increased to N150 billion.
Non-performing loans dipped from N32 per cent in 2004 to 17.6 per cent in 2007 and 7.6 per cent in 2008, while value added per employee rose from N1 million in 2004 to N3.4 million in 2007 and N4.6 million in 2008.
For shareholders, Adigwe said the bank has evolved an aggressive dividend policy since the bank has the lowest number of units of shares now, thereby assuring the shareholders that they should look forward to a robust dividend and probably bonus issue in the nearest future.
Going forward, Adigwe said the bank and its subsidiaries will continue to reposition for market leadership, adding that its vision statement reflects changes in the banking environment.
His words: "We have carved out the clear business focus in the areas of commercial banking (retail & wholesale: investment products distribution in the area of emerging business."
He continued: "We however continue to also seek targeted participation in wholesale investment banking, leveraging our wholesale commercial banking relationship and advisory reputation as well as out vast retail distribution network."
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