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Nigeria: Bank PHB Records Share Appreciation of 397.6 Percent
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Leadership (Abuja)
6 May 2008
Posted to the web 6 May 2008
Bank PHB has recorded growth in its share as it appreciated by 397.6 per cent in the last one year.
According to data from the Nigerian Stock Exchange the bank's shares traded at N5.43 kobo on April 11 2007 gained N21.59 or 397.6 per cent to close at N27.02 kobo on Monday May 5, 2008.
Meanwhile Stock brokers attributed the appreciation of the bank's share to the investor's confidence in the bank.
They said that the nine months result which the bank released recently to the Exchange has indicated that the bank's shareholders would receive a good dividend package at the end of the current financial year.
The bank for its nine month result ended March 31, 2008 posted gross earnings of N55.18 billion against
N20.69 billion earned in the previous period indicating a surge of 166.5 per cent.
Also profit before tax went up by 228.9 per cent from N5.785 billion achieved in the comparative period of 2007 to N19.033 billion at the end of March this year.
Profit after tax also surged by 288 per cent from N5.59 billion in preceding quarter to N14.85 billion.
Group managing director of the Bank, Mr. Francis Atuche said that the impressive financial performance of the bank arising from good assets quality.
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According to him the bank recorded 291 per cent offer subscription without extending the duration.
He said that the bank has strong earnings growth, one of the lowest costs to income ratio, thriving on innovative product suite and global quality creative branding.
The audited result for the year ended June 30, 2007, showed a 172. 29 per cent growth in its gross income, which had risen to N36.2 billion in 2006. The profit after tax rose by 216 percent to N7.8 billion as against N2. 45 billion in 2006.
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