Bank records N8.7b earnings
The bank also posted N834.4 million profit after tax in 2018 as against N537.2 million in the previous year.
It, however, declared zero dividends to shareholders with a promise to do so in 2020 financial year with proceeds from ongoing investments.
The Bank Chairman, Umaru Abdul Mutallab, at the seventh Annual General Meeting (AGM) in Abuja recently, said the bank’s performance in 2018 once again showed its ability to deliver sustainable value to shareholders.
“‘Our total financing and investment stood at N69 billion, about 37 per cent growth over the previous year. We continued to offer more financing to key sectors of the economy while addressing their critical needs such as home mortgage to households and working capital to the Micro, Small and Medium sized Enterprises (MSMEs),” Mutallab said.
He added that the board had tried to recommend the payment of dividend for the period under review, but the feedback from the regulator meant it was not possible until the bank improve upon some specific performance benchmarks such as capital buffers and reduction in non- performing risk or assets.
He, however, announced that the bank has succeeded in opening about 39 branches across the country following its aggressive and strategic repositioning.
His Managing Director, Hassan Usman, promised shareholders of a robust dividend come 2020 financial year when the bank would have been able to recoup finances from its investments.
Meanwhile, a shareholder, Gregory Emeh, expressed sadness for the non-declaration of dividends.
“I am not too happy because the non-declaration of dividends is not encouraging. I bought my shares in 2017 and till date, I am yet to collect any dividend. I will only advice the bank to step-up because every investment needs returns.”
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