The shareholders who spoke at the banks 25th yearly general meeting in Lagos yesterday, applauded the outgoing Chairman Egbert Imomoh, while urging the bank to ensure that the growth currently seen in the bank will be sustained and surpassed by the incoming Chairman.
They commended the management for the efficient running of the affairs of the bank, amid harsh economic environment.
The bank had earlier paid an interim dividend of 35 kobo and a final dividend of N1.40 kobo yesterday.
Specifically, the President, Independent Shareholders Association of Nigeria (ISAN), Sir Sunny Nwosu expressed satisfaction with the state of affairs in the bank especially for abiding by strict corporate governance principles.
Nwosu, who lauded the bank for increasing its deposit base from N1trillion to N1.28 trillion, however urged the bank to do every thing within its powers to access cheap fund in order to enhance its savings.
He berated the Central Bank of Nigeria (CBN), especially the Asset Management Company of Nigeria (AMCON) for its reforms programmes which, according to him, failed to take into consideration the plight of shareholders and the harsh economic situation in the country.
He added that AMCON reforms in the banking industry, rather than improve the lot of shareholders has become a ‘nightmare’ for investors in the financial services industry.
The National Cordinator, Progressive Shareholders Association of Nigeria, Boniface Okezie commended the bank’s improved performance , especially the dividend policy.
He explained that the improvement recorded in bank’s gross earnings from N242 billion to N278 billion has increased shareholders value during the year under review.
“There is good policy in terms of dividend in this bank. Deposit jumped and gross earnings rose from N242 to N278 billion and that is why we are enjoying the dividend. “The directors are performing these loans and this is example of good corporate governance entrenched in the bank,” he added.
The bank recorded a profit before tax, PBT of 116.39 billion for the audited financial results for the year ended December 2014 .
A review of the 2014 results shows positive performance in virtually all financial indices.
The Group delivered an impressive Profit Before Tax of N116.39billion, an increase of 9.30billion or 8.7per cent over the N107.09billion reported in December 2013 and Gross Earnings of N278.52billion an increase of 14.8per cent from the N242.67billion recorded in the same period of 2013.
The Bank’s balance sheet remains strong with 12.4per cent growth in Total Assets, from N2.10trillion in 2013 to N2.36trillion in the year under review.
