Shareholders of First Bank of Nigeria Holdings Plc (FBNH) have been assured of sustainable growth has the group restructured its management team for a better future.
The Group Managing Director of FBN Holdings Plc, Dr UK Eke, while responding to comments made by shareholders at the company’s seventh Annual General Meeting (AGM) in Lagos, also gave assurance that dividend would be paid consistently, even as the group strive for better performance across board.
“For liquidity perspective, you have a strong institution that will pay dividend on a
regular basis. We have built capital buffet at the commercial bank and the other entities are also well capitalised. The year 2019 promises to be a much better year than 2018, all operating entities are in safe hands with good management teams,” he said.
Eke remained optimistic that by the end of 2019 Non Performing Loan (NPL) ratio should be at single digit as the group continued pursuing recovery, which would therefore promote commercial bank’s contribution to dividend payment.
The Chairman of the group, Dr Oba Otudeko, also reiterated the board’s commitment to the shareholders, noting that the company had mapped out strategies aimed at ensuring enhanced value creation for the future.
“We are not resting on our laurels, and our renewed approach to synergy and innovation will be major drivers to unlocking earnings potential for our group. We believe that our efforts to integrate our offerings and provide end-to-end solutions for our customers will create a competitive advantage in our markets,’’ he said.
Looking into the future, the group GMD noted that the board is confident that the focused execution of group’s strategy, investment in future-enabling technologies, development of talents and re-engineered processes to repositioning the group for ultimate benefit of the shareholders would bear bountiful fruit.
Earlier, Mr Patrick Ajudua, the National Chairman, New Dimension Shareholders Association of Nigeria, had commended the growth of the agency banking, noting that it had helped to increase the visibility of Bank across the country, applauding the company’s effort in NPL reduction.
The company for the period under review posted a profit after tax of N59.7 billion compared to N45. 5 billion achieved in the comparative period of 2017, an increase of 31.4 per cent. Profit before tax stood at N65. 3 billion as against N54.5 billion recorded in 2017, representing a growth of 19.7 per cent.
Gross earnings stood at N583.5 billion compared to N595.4 billion in 2017, a decrease of two per cent.
Its total assets rose by 6.3 per cent from N5.2 trillion in 2017 to N5.6 trillion during the review period.
Similarly, customers’ deposits expanded by 10.9 per cent from N3.1 trillion in 2017 to N3.5 trillion in 2018.
The year also recorded reduction in impairment charges which declined to N87. 3 billion from N150.4 billion, representing 42 per cent drop and a proof to the improving loan book of the commercial bank.