Posted by By SEUN ADESIDA, Abuja on
Despite the lull in the capital market, First Bank of Nigeria Plc has reaffirmed investors' confidence in its ability to create value and keep faith to its promise to shareholders by paying a whopping N24 billion dividend at N1.20k per share, for the financial year ended March 31, 2008.
Despite the lull in the capital market, First Bank of Nigeria Plc has reaffirmed investors' confidence in its ability to create value and keep faith to its promise to shareholders by paying a whopping N24 billion dividend at N1.20k per share, for the financial year ended March 31, 2008.
The total dividend payout, the largest in the history of Nigeria 's banking industry, is almost enough to set up a new bank. 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 8, 2008.
At the Bank's Annual General Meeting held yesterday at the Transcorp Hilton Hotel, Abuja , shareholders poured accolades on the Bank while expressing their satisfaction and urging the Bank for continued impressive performance.
The Bank's total assets and contingents grew by 65.8 per cent to over N2 trillion, while profit before tax grew by 85 per cent to N48 billion. The Annual Report and Accounts presented at the Annual General Meeting (AGM), in line with the Bank's industry defining posture on corporate governance, contained a detailed and explicit dedicated section on Risk management disclosure, which is unprecedented in this market.
In terms of shareholders' funds, First Bank also consolidated its leadership position in the industry as the shareholders' funds increased by N272.1 billion or 325.2 per cent from N83.63 billion to N355.63billion, which is higher than the shareholders' funds of all the 89 pre-consolidation banks put together. This sterling performance is driven by an all-inclusive understanding of the growing customer service realities, and the elimination of impediments to effective service delivery through continued network expansion, product development, and strengthening of its global footprint.
Meanwhile, the Board of the Bank has approved the appointment of Ms. Ibiai Ajumogobia, a seasoned human resources technocrat to its board, effectively replacing the eminent academic, Dr. Udo Udo Aka (MON).