Edozien Seeks Mandate for Chartered Bank Board
N25bn Capital
By Ayodele Aminu
The former Managing Director/Chief Executive Officer of Afribank Nigeria Plc, Chief John Edozien has called on fellow shareholders in Chartered Bank to mandate the board and management to meet the challenges of the new N25 billion capital requirement for banks.
Speaking at the bank's Annual general Meeting in Lagos, Edozien who noted that it was too early to expect the bank to provide details on the new capital base, expressed confidence in the ability of the board and management to adopt appropriate strategies that would be in the interest of the bank's stakeholders.
Other shareholders who also expressed their confidence in the ability of the bank to meet the new capital requirement of N25billion commended the management and board for recording an impressive performance for the year ended March 31, 2004. The shareholders particularly lauded the ability of the bank to declare a cash dividend of 25k per share on the enlarged share capital following the mouth watering bonus of 10 new shares for every 13 shares together with cash dividend of 30k per share of last year, in spite of the harsh business environment.
According to its published accounts, the bank confirmed its position among the country's leading banks in terms of profitability and balance sheet size, posting a N61billion balance sheet for its year ended 31 March, 2004.
Total assets and contingent liabilities increased for-the fourth year in a row from N55billion to N61.3 billion, total deposits advanced by N7 billion to N37billion while risk assets rose from N19billion to N24billion. The bank's profitability also improved from N2.lbillion reported in 2003 to N2.3billion. With this performance, the bank has constantly lived up to its creed of "pursuing sustainable growth".
Chartered Bank was incorporated as a commercial bank in October 1988, commenced business on December 5 of the same year and became a public limited liability company on May 13, 1998. Today it is a universal bank, empowered to engage in capital market activities, insurance, investment, etc. in addition to traditional commercial banking.
The bank has a total of 43 branches nationwide. Seven more branches are expected to be opened this month to bring the bank's branch network to 50. This is part of the bank's network expansion programme which has been ongoing.
All the bank's branches are online, providing real time services through the use of state-of-the-art banking technology.
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