Chartered Bank Asset Hits N55bn
Banking
By Ayodele Aminu
Chartered Bank Plc has grown its total assets to an all-time high of N54.8 billion, a feat that reinforces its position among the strongest banks in Nigeria.
Chairman of the bank, Lt. Gen. M.I Wushishi who made this known at the 15th Annual General Meeting (AGM) of the bank in Lagos yesterday noted that the N54.8 asset indicates a 23 per cent over the N44.5 billion recorded in the previous year.
Reviewing the performance of the year ended March 31st 2004, the chairman noted that the bank recorded an appreciable growth in all its performance indicators.
During the year under review the bank he said, had better customer patronage as indicated by gross earnings which grew by some 13 per cent, from N6.77 billion in 2003 to N7.64 billion in 2004, while shareholders' funds which indicates the level of confidence shareholders have in the bank advanced by 20 per cent, from N4.24 billion to N5.07 billion.
In the same vein, the bank's total deposits swelled by 23 per cent, from N30.41 billion to N37.37 billion, while both pre-tax profit and post-tax profit advanced by 7 per cent apiece, from N2.14 billion to N2.3 billion and from N1.7 billion to N1.83billion respectively.
Following the consistent improvement in performance of the bank, shareholders also smiled home with a total of N1 billion. This depicts a 47 per cent increase over the N679 million dividend declared in the previous year.
Commenting on the N25 billion new capital announced by the Central Bank of Nigeria (CBN) a month ago, Wushishi assured that the bank is well positioned for the directive.
"We have reviewed the past, and considered the present and future challenges and are very confident that the colossal changes on minimum share capital for Nigerian banks which has prompted a wave of mergers and acquisition talks will work in favour of your bank considering the pubic perception, professionalism, managerial competence, and solid performance trend we have recorded," he assured.
In his own remarks, managing director/ chief executive officer of the bank, Mr. Moses Adedoyin maintained the Chartered Bank has chosen innovation and the quest for world- class services as its route to success.
"We have proved over time that the response to a rapid evolving and keenly competed market is to remain focused, imaginative and determined.
"After five years of consistent sustained growth, I am reassured in affirming to our valued and cherished stake holders that we have chosen the right path," he declared.
|
