|
|
Nigeria: Afribank Projects N20bn Profit
 |
 |
|||||||||
|
||||||||||
|
|
|||||||||
|
||||||||||
Daily Trust (Abuja)
20 June 2008
Posted to the web 20 June 2008
Chris Agabi
Lagos
With a Profit Before Tax (PBT) of N16 billion in the 2007 financial year, Afribank is projecting additional N20 billion in the next financial year, representing an upward boost of N4 billion, the bank has said.
The immediate past Chairman of the bank Alhaji Aliyu Kola Belgore dropped the hint at a sent forth dinner held in his honour by the bank Wednesday night in Lagos.
He said when he joined the bank in 2000, the bank made a loss of N558 million and the shares was valued at N3.30 , but with the support of the board and staff, they came through consolidation and grew the share value to N36.00.
While urging the board to be united as the panacea to succeed, he attributed the bank's success under him to an efficient and cooperative board as well as supportive staff.
He warned the new management against sycophancy and also apologized to people he may have wronged while in office.
Addressing the gathering earlier, the new Chairman board of directors Osa Osunde said when Belgore joined the bank, it was a medium sized bank, but with at least $1 billion capital base, Afribank is now a mega bank.
According to him, the Belgore and other members of the board defended the franchise of the bank from predatory investors. He noted that Belgore successfully led the bank twice in 2004 and 2007 in fund raising drive at the capital market with each witnessing an over subscription.
"He resolved the protracted ownership tussle and enhanced the market competitiveness of the bank. The ban also experienced organic growth in the areas of business expansion, earnings, assets, deposits, profits and shareholder."
He said the bank's total assets are now worth over N500 billion and over N145 billion shareholders funds.
|
Belgore was the chairman of the bank for eight years.
| |||||||||||||||||||||||||||||
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Copyright © 2008 Daily Trust. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections -- or for permission to republish or make other authorized use of this material, click here. | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Make allAfrica.com your home page | RSS Feed | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Top | Site Guide | Who We Are | Advertising | Search | Subscribe | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
| Questions or Comments? Contact us. Read our Privacy Statement. | |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
|
| |||||||||||||||||||||||||||||
