Afribank Posts Highest Return on ShareholdersAfÆ'AtaETMAfaE A¢a,¬a,,¢AfÆ'A¢a,¬Å¡AfaEsA,A¢AfÆ'AtaETMAfaE

Afribank Posts Highest Return on ShareholdersAfÆ'AtaETMAfaE A¢a,¬a,,¢AfÆ'A¢a,¬Å¡AfaEsA,A¢AfÆ'AtaETMAfaE

September 01 , 2008 / Thisday Newspaper

 

With 38.4 per cent return on its shareholders’ funds of N39.52 billon in its 2007/2008 financial year, Afribank Nigeria Plc has emerged the fastest growing bank in the country in terms of return on shareholders’ fund. To achieve this, the bank made a pre-tax profit of N15.11 billion from the capital deployed in the last financial year.

 

Industry average return on shareholders funds stands at 18.7 per cent – the closest bank to Afribank being Intercontinental Bank with a return of 22.7 per cent, Zenith 22 per cent, GTBank 16.8 per cent, FCMB 15.3 per cent, First Bank 10.2 per cent and Access Bank 9.3 per cent. Shareholders of the Afribank also have cheering news as the bank has declared its intention to give out a bonus of one for three ordinary shares held and a cash dividend of 50 kobo per share.

 

The bank generated N15.11 billion pre-tax profit in 2008, a significant leap from N9.13 billion in the 2007 financial year, attributed to “high level of efficiency, good assets mix, sound management and aggressive business initiativesâ€ÂÂÂÂÂ, among others. The institution recorded gross earnings of N49.19 billion in the 2007/2008 financial year compared with N27.53 billion in the previous year, showing an increase of 78.67 per cent.

 

This is considered to be a landmark growth in the industry. 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 witnessed 78 per cent growth from 99 kobo in 2007 to 176 kobo in 2008. Market watchers have noted the bank’s new capital of N105 billion raised towards the end of 2007, which was cleared by the Securities and Exchange Commission (SEC) last April. Source:


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