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Afribank Plc holds 39TH AGM in Abuja


September 24 , 2008

The shareholders of Afribank Nigeria Plc will on Thursday, 25th September 2008 gather at the prestigious Congress Hall, Transcorp Hilton Hotel, Abuja for its 39th Annual General Meeting (AGM). Time is 11am.


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 Bank at the same venue on Wednesday, 24th September.


Afribank had last month announced =N=15.11billion Profit Before Tax for its financial year ended March 31, 2008, a quantum leap from =N=9.13billion PBT in the 2007. It recorded Gross earnings of =N=49.19billion in the financial year compared with =N=27.53billion in the previous year, showing an increase of 78.67%.


The performance of the Bank in the year translated into 38.4% return on its Shareholders? Funds of =N=39.52billon. By this, Afribank has emerged the fastest growing Bank in the country to achieve such a phenomenal growth in returns.


Boosted by its sterling performance, Shareholders of the Bank has declared its intention to give out a bonus of 1 (one) for 3 (three) ordinary shares of the Bank held and a cash dividend of 50kobo per share.


Total Assets of the Bank also grew by 88% to =N=352.27billion from =N=187.07billion in 2007 while Earnings Per Share (EPS) of the Bank witnessed 78% growth from 99kobo in 2007 to 176kobo 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 have 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.

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