Afribank pays 50k per share dividend to shareholders
Abuja- Afribank Nigeria Plc has posted a Profit Before Tax (PBT) of N12.6 billion for the financial year ended March 2008. It represented a 78 per cent increase over the PBT of the previous year which stood at N6.92 billion. It also declared a dividend of 50 kobo per share, totaling N5.06 billion.
Profit After tax (PAT) come to N10. 033 billion after setting aside N4.933 for taxation. Another N127,728 million was also set aside for minority interest, thereby leaving a balance of N9.905 billion as profit attributable to shareholders.
Addressing the bank’s 39th Annual General Meeting (AGM) in Abuja, yesterday, the Chiarman of the Board of Directors, Mr. Osa Osunde, said the bank’s successful operations which manifested in up-scaling its performance indices was a demonstration of its ability to convert marketing challenges to opportunities.
He explained that the 2008 financial year was a profitable one for Afribank, by every standard and that N5.06 would be paid out to shareholders as dividend, in keeping with the board’s determination maintain a robust dividend policy.
“The bank continues to be alive to its vision of giving adequate rewards to its shareholders in the area of good dividend pay out.”
In line with the robust dividend policy of the bank, the sum of N5.06 billion is being proposed as dividend this year. This translates to 50 kobo per share. In addition, the board is also proposing a bonus of one for every three ordinary shares held. We assure you that we shall continue to be guided by the interest of investors and strive always to meet their expectations”, he said in his address before the shareholders voted in favour of the proposals.
According to the chairman, having hit the N145 billion shareholders’ fund, Afribank was in a position to take on big project finance ventures and better strategic partnerships as a bigger player in the nation’s banking industry.
His words, “one of the notable decisions taken by the bank during the period under review was recapitalization. Drawing from the five-year plan which was crafted in December 2006, the bank accessed the capital market between October and November las year and successfully raised N 105 billion.
“This development pushed the bank’s shareholders’ funds to N 145 billion. And has competitively positioned it very well in the market. The rise of the bank’s capital base has positioned it to execute transactions with huge capital outlay and to enter into strategic partnerships.”
Mr. Osunde added, “the bank expanded, refocused and re-energized its profit engines in line with its growth plan. New structures were also adopted to facilitate the deployment of the bank’s huge resources with speed.
“The bank’s network is now divided into North and South to aid quick access, response to market and speedy decision process”.
The Chairman commended the staff of the bank for their commitment and sacrifice towards building an enterprise the public could associate with excellence, adding , “the role and understanding displayed by staff, especially in the implementation of the new business drive and innovations are encouraging”.
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