Abuja - The First City Monument Bank PLC (FCMB) board has proposed for approval the payment of 50 kobo dividend per share, up by 43 per cent from the previous year, in spite of the massive growth in capital, based on a whopping N20.5 billion gross profit.
The bank’s gross earnings also grew by 112 per cent in the same period to N52.82 billion from N24.9 billion. The group closed its books with an asset base, including contingents, of N587 billion, a growth of 90 per cent over the previous year and following its successful public offer in 2007, the bank also recorded a significant growth of 330 per cent in its Tier 1 Capital, from N31.2 billion to N133.7 billion.
Abuja - The Federal Government on Tuesday rescued the stock market with the appointment of a 16-man presidential advisory team to stem the continuous fall in the market. It also pegged the downward movement of prices of shares.
The team comprises members from both the public and private sectors and will meet regularly to articulate and implement medium and long term measures that are necessary for the healthy growth and development of the market.
Briefing State House correspondents after a meeting of the vice president, Dr. Goodluck Jonathan and stakeholders on the problem, Minister of Finance, Dr. Shamsudeen Usman, said the current situation in the capital market had been a source of concern to the government.
Lagos - Shareholders of Zenith Bank Plc stocks may soon be smiling to the bank, if the forthcoming Zenith bank’s dividend payout of as much as N1.70 per share for the current financial year, is carried out.
Zenith Bank Plc has officially announced a change in its financial year end from June 30 to September 30, starting from this year, in what the bank described as a bid to further enhance shareholder value. The bank which normally operated a July to June financial year, recently released its twelve-month result showing “remarkable improvements” on all parameters.
London - Another Nigerian-owned bank, Access Bank Plc, is set for another major milestone in its global expansion drive following its licensing and authorization by the Financial Services Authorities (FSA) to operate a full service banking subsidiary in the United Kingdom.
The Access Bank (UK) Ltd has its head office at No 1, Cornhill in the City of London, overlooking the Bank of England. The Bank’s Mayfair office is located at 53, Davies Street, London. The new UK subsidiary will offer a full range of banking services which include corporate banking, personal banking, treasury and trade finance.
Abuja - First Bank of Nigeria Plc has paid a N24 billion dividend at N1.20k per share, for the financial year ended March 31, 2008, despite the recent downturn in the Nigeria capital market. This, the bank believes, is to reaffirm investors’ confidence in its ability to create value and keep faith with its promise to shareholders.
The total dividend payout, the largest in the history of Nigeria’s banking industry, is almost enough to get a new banking license – going by the N25 billion minimum shareholders’ funds requirement. The bank has also declared a bonus of one share for every four shares previously held before the close of the shareholders’ register on August 08, 2008.