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NAMB changes name From Sani Babadoko, in Kaduna The New Africa Merchant Bank has changed its name to New Africa Bank Plc and raised its share capital from N1billion to N2.5 billion. Announcing this at its 14th annual general meeting in Kaduna, the bank’s chairman, Alhaji Aliyu Garba Yakasai said the change has become necessary as the bank was going into universal banking and not just merchant banking. Alhaji Aliyu said inspite of the bank’s marginal decline in both total assets and gross earnings; it recorded substantial growth in profitability from a loss of N23.45 million last year to a profit of N18.685 million at the end of the last financial year. He said at the end of March this year the bank’s total asset closed at N1.160 billion representing a decline of 16 per cent over the N1.377 billion at the end of 2003. The chairman said gross earnings of the bank stood at N219.258 million as at the end of the period under review representing a decline of 22 per cent over the N281.233 million recorded as at the end of the 2003 financial year. He painted a grim operating circumstance which included the instability in the international oil market as a result of the conflict in Iraq. “In Africa, a growth rate of 4.1 per cent was recorded during the period under review. The growth was fuelled by strong exports due to a strengthening of commodity prices and increased revenues by the continents oil exporters. MORE ON BUSINESS...

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