Should the National Electricity Power Authority be privatized?
City Express Bank Asset Base Hits N20bn
12.07.2004
Lagos
City Express Bank Plc’s asset base rose in the 2004 financial year to N20 billion, representing an increase of about 44.4 per cent over previous year’s figure of N14.2 billion. The bank’s shareholders’ fund, has increased by 33 per cent from N2.369 billion recorded in 2003 to N3.146 billion in 2004. These form part of the performance of the bank in the last financial year as disclosed by the bank’s Chairman, Prince Samuel Adedoyin, at its recent annual general meeting. Addressing shareholders, Ade-doyin expressed delight in the financial results of the Bank, which he described as strong and consistent despite the inclement condition, which the bank operated. “I am pleased to report that despite the challenges of the past year, we have remained a very profitable company,” the chairman said. The Bank, according to adedoyin, took important steps in the past year to improve performance. This he said, ranged from improved planning and risk management process, to the adoption of mechanism that enhances shareholders values. Adedoyin said financial discipline and a renewed focus on staff satisfaction contributed immensely to making life better for its numerous customers. He, therefore, reiterated the banks commitment to leave nothing to chance in its resolve to ensure that the bank not only meets regulatory requirement of the new banking reforms, but also comes out even stronger. Prince Adedoyin also assured of the protection of the various interests of all shareholders in the on going consolidations exercise. The bank in 2004 recorded a profit before tax of N706, 412 million representing a 28.1 per cent improvement over the previous years of N550 million figure. The banks profit after tax also rose from N473,996 million in 2003 to N563,383 million in 2004. For the consolidation of its business to service customers better, the bank’s share capital was increased to N1.5 billion in 2004 from N1.2 billion in 2003. The gross earnings of the bank was also boosted by the improvement in customer patronage in 2004 with an increase of 25.5 per cent from N3.245 billion recorded in 2003 to N4.072 billion in 2004. This was occasioned by the growth in securities and deposits, fees and commissions, foreign exchange income and other sources of income. It will be recalled that in the wake of Central Bank of Nigeria (CBN) directives on a new minimum capital base for banks, the board of the bank embarked on a 4-phase recapitalization and repositioning programme. Starting with the private placement of the bank s share capital of 6,000,000,000 additional units. Moves are also being made to deepen the bank’s capital base through the injection of fresh funds into the bank by the directors. Indeed the bank has assured its customers that in spite of the challenges of the moment, no depositors fund would be lost as a result of the current repositioning exercise. In her remarks at the AGM, the Managing Director/Chief Executive Officer of the bank Mrs. Olusola Adeoti said that the board has approved the 4-phase plan geared towards meeting the N25 billion recapitalisation requirement. She also disclosed that the board in approving the 4-phase plan was convinced and satisfied that the plan will in no small measure place the bank on a very solid footing to meeting the contemporary global financial challenges. To this end, Mrs. Adeoti maintained that while the recapitalisation process is going on, the bank will ensure that customers’ confidence in the bank is not misplaced.
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