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Prudent Bank's Rights Issue Opens Prudent Bank Plc in a bid to consolidate on remarkable increase in its performance indices in the last four operating years as well as reposition for accelerated growth, flagged off its Rights Issue to existing shareholders today, to raise additional capital. This exercise which has started before the Central Bank's directive on new capital required, and was aimed at Jerking the banks paid-up capital above the then N2 billion capital base. However, rising to the challenge posed by the capital base of N25 billion, the bank expressed preparedness to source funds and again continue the ongoing discussions with banks of like minds for possibility of Merger. The performance of the bank in the last four years shows a clear indication that it is witnessing a consistent and steady growth, a position which the Chairman of the bank, Mrs. Morounkeji Onasanya said it's the beginning of giant strides and growth in all performance indices. The Chairman in the 2003 annual General Meeting of the bank said "We are not resting on our oars, recognizing that the journey has just begun. We will continue to develop our corporate entity; our strong brand name will be sustained. We will continue to pursue realignment of our organizational structure to engender effective and efficiency." This promise was fulfilled in the result of the bank at the end of financial year of March 2004, as balance sheet size increased to N25.99 billion as against N669.4 million recorded in 1999, representing approximately 3,024 per cent growth with 4 years, which also represents the fastest average growth rate in the balance sheet size in the industry in the last four years. The deposit base of the bank also increased to N20.1 billion in 2004 from N106.84 million in 1999. This represents approximately 18,713 per cent growth rate over the 4 years period. This undoubtedly reinforces the confidence of the investing public on the bank. Profitability of the bank also witnessed a rapid growth rate of 5,311 per cent, which surpassed its peers and the industry average, while branch expansion growth moved from a one-branch bank in 1999 to 35 branches in 2004 Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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