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Afribank holds AGM in Enugu


September 03, 2007/ Punch



The shareholders of Afribank Nigeria Plc will on Thursday, September 6, 2007 gather at Enugu for the bank’s 38th Annual General Meeting.


A statement from the bank on Saturday said that the board and management will on Wednesday, September 5, hold a dinner with stakeholders to mark a successful financial year of the bank at the same venue.


Afribank had released its 2007 financial result to the market.


The bank succeeded in growing its performance indices. It recorded a profit before exceptional item and taxation of N9.32bn, an increase of 129.35 per cent when compared with N3.98bn it recorded in the previous financial year.


The board of the bank would also propose to shareholders at the AGM a bonus of one for five ordinary shares of the bank held and a cash dividend of 30kobo per share, amounting to N.51bn.


The bank also sustained its success streak with a record of N4bn profit before tax in the first quarter of the current financial year, up from N2bn declared in the corresponding period last year. The new level of performance of the bank has placed it among the league of top banks in Nigeria today with strong fundamentals, robust prospects and bright future.


According to the statement, the market has since started to react positively to its obvious and perceived grand entry into the club of mega status in terms of market niche, returns and impact in the industry.



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