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Afribank may offer investors N1.60K div in 08 FYE



Proshare NI

April 30, 2008 at 17:19 GMT


Afribank Nigeria Plc, (AFRIBANK) may offer its investors a N1.60 Kobo dividend in the 2008 Financial Year End (FYE). Sebastian Adigwe, Group Managing Director/Chief Executive Officer (GMD/CEO) of the bank made this affirmation to Proshare NI at the end of the bank’s “Facts behind the Figures” held today in Lagos Nigeria at the Floors of the Nigerian Stock Exchange (NSE).


“If it is the projection in terms of dividends, I cannot give you that until the shareholders Annual General Meeting (AGM) has been done, but what I can assure is that with the figures we have presented today; talking of N1.60 Kobo per share, clearly we should expect a very aggressive dividend and bonus issue for the year” Adigwe said.


The unaudited figures presented by the bank’s group shows that Total Assets grew from N86.669 million in 2004 to N480.779 million in 2007/2008 indicating a growth of 157 percent, with a five year Cumulative Average Growth Rate (CAGR) of 53 percent.


While Gross Earnings of the Group also increased from N14.889 million in 2004 to N51.270 million in year 2008 indicating a growth of 86 percent, also with a five year CAGR of 53 percent.


In the same vein, Profit before Tax (PBT) also rose from N2.022 million in 2004 to N17.306 million in 2008 showing a growth rate of 89 percent; with CAGR of 71 percent.


Profit after Tax (PAT) increased from N1.328 million in 2004 to N12.238 million in year 2008 representing an increase of 135 percent; with a CAGR of 131 percent.


Also shareholders funds grew from N8.621 million in 2004 to N43.965 in year 2008 indicating a 410 percent growth.


Adigwe confirmed that as at March 2008, number of outstanding shares of the company; stood at 6.130 billion.


“In the next five years, our story will be one of transformation, tremendous growth and unrivalled returns to investors” he affirmed.


Adigwe also confirmed that AFRIBANK raised about N105 billion in its last offer which the Securities and Exchange Commission (SEC); approved three weeks back.


This confirms the Nigerian Banking Sector Report, January 2008 by Afrinvest West Africa that the bank has successfully proven its readiness to reclaim its position as one of the leading financial institutions in Nigeria.
Picture Source: ThisDay
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