Afribank Nigeria Plc investors must be salivating about its capacity to sustain its fast pace growth as it announced on Friday =N=8.11billion Profit Before Tax (PBT) for its half year operations ended on September 30th 2007. The result is a 187% quantum leap from the PBT of =N=2.82billion it recorded in the corresponding period of 2006.
The Bank also grew its Gross Earnings by 102% to =N=19.48billion from =N=9.65billion in September 2006. The higher margin in the PBT is a manifestation of the BankÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¾Ãƒâ€šÃ‚Â¢s high level of efficiency, good assets mix and profitable deployment of resources. Other fundamentals of the Bank recorded similar growth during the half year.
With this, shareholders of the Bank may coast home with higher reward by the end of this financial year as the Bank continues to implement investor friendly policies.
Market analysts view the remarkable growth in the key performance indices of the Bank as a promise kept by the Board of the Bank who had assured stakeholders that the operations of the financial institution have been re-energized and market focused to add superior value and declare above industry returns.
They stated that with the recent performance, Afribank has become one of the fastest growing banks in Nigeria with strong fundamentals and robust prospects for superior returns.
Informed sources said that Afribank was able to achieve its growth rate because of its aggressive market expansion strategies, high level of efficiency, sound management initiatives, business development and the dynamism the Board and Management introduced into the Bank. Afribank has continued to be managed in a way that enables it to open latent market opportunities and convert them into business advantage.
The Chairman of Afribank, Alhaji Aliyu Kola Belgore, had told shareholders at the last Annual General Meeting that ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã¢â‚¬Â¦ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œthe approach the Bank has adopted has placed it on the path of a top player on the continentÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â adding that ÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã¢â‚¬Â¦ÃƒÂ¢Ã¢â€šÂ¬Ã…â€œits huge potentials assures it of market breakthrough, excellent results and a secured futureÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã¢â‚¬Å¡Ãƒâ€šÃ‚Â.
The Group Managing Director of Afribank, Mr. Sebastian Adigwe, said that the Bank has continued to create a niche in the market with diverse e-banking products, efficient service delivery, differentiation advantages, competitive pricing, strategic business expansion and building a committed work force with modern work tools.
Afribank has continued to make in-roads into the public sector and partner government agencies for business relationship. Recently, the Bank partnered the Nigeria Immigration Service (NIS) for e-passport, established one stop e-service centre, introduced e-NYSC, and partnered with MoneyGram International to provide money transfer services.
It is believed in some quarters that with the level of turn-around and public confidence the Bank has attained, the Bank is positioned to grow even higher. The Bank is also succeeding in partnering governmentsÃƒÆ’Ã†â€™Ãƒâ€šÃ‚Â¢ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¡Ãƒâ€šÃ‚Â¬ÃƒÆ’Ã‚Â¢ÃƒÂ¢Ã¢â€šÂ¬Ã…Â¾Ãƒâ€šÃ‚Â¢ institutions and parastatals by offering tailor-made solutions to help them realize their mandates and the personal aspirations of their staff.
The Bank is billed to access the sum of =N=100billion from the capital market through Public Offer for subscription. The Offer, which opens on 1st November, is already generating positive market reactions as investors are taking positions to benefit from obvious better returns available in the Bank.