BNW

B N W: Biafra Nigeria World News

Leadbank's Profit Hits N754m Leadbank Plc has at its 15th Annual General Meeting (AGM)) held recently in Lagos declared a profit before tax Of N754 million for the financial year ended March 31, 2004. The statement of account of the bank showed that the profit increased by 22 per cent to N754 million from N620 million recorded in 2003. The operating net income increased by 29 per cent to N1.76 billion from N1.36 billion recorded in the previous year. The bank's deposit base grew by 17 per cent to N11.7 billion from N9.9bn in 2003, while the total balance sheet footing grew by 29 per cent to N19.57 billion from N15.11 billion in 2003. Meanwhile, the bank declared a cash dividend of 20 per cent nominal value of shares for shareholders this year. This translates to a cash payment of N323.95 million compared with N315 paid out in 2003. Commending the bank for its performance in the face of fluctuating economic policies and stringent business environment, Senator Jubril Martin Kuye urged the management to keep up with the good work. "we are all aware that doing business in Nigeria with all the stifling conditions is not easy. For our bank to have done so well in The face of constraining obstacles demands our commendations and support. We commend the bank also for keeping with the dividend policy that favour shareholders." The Chairman, Oba Olashore attributed the high performance of the bank even in the face of unfavorable business climate to sound application of ethical principles and professionalism in the management of the bank. "The management ensures that the bank adopts the principle of good corporate governance in all its dealing with all its stakeholders." Speaking on the recent CBN directives on bank recapitalisation, the Chairman said that, Leadbank had anticipated the need for additional capital when it called for an extra-ordinary general meeting on March 29 where the shareholders approved its right issue. "However, the new CBN directive on bank capitalisation will necessitate a review of our plans and the board has been considering various options." Olashore who himself is an accomplished financial expert and distinguished banker promised the shareholders of the bank's commitment in protecting the interest of the shareholders. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

	BNW News
Voice of Biafra | Biafra World | Biafra Online | Biafra Web | MASSOB | Biafra Forum | BLM | Biafra Consortium
	© 2001 BNW BiafraNigeriaWorld  Privacy Policy ---------------------------------------------------------------------------------- Powered by ACENetwork ----------------------------------------------------------------------------------
	Axiom PSI Yam Festival Series, Iri Ji Nd'Igbo the Kola-Nut Series,Nigeria Masterweb