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Broad Bank Posts N744m Profit Banking By Amarachukwu Ona Broad Bank of Nigeria Limited has recorded a profit before tax of N744 million for the financial year ended April 30, 2004. This indicates a growth of N579 million or 351 per cent, over the N165 million recorded in year 2003. Accordingly, profit after tax rose from N139 million to N327 million, while gross earnings rose by 104 per cent, from N2.08 billion in 2003 to N4.25 billion in 2004. Similarly, shareholders' funds increased by 25 per cent from N1.2 billion to N1.5 billion, while earnings per share peaked from nine kobo to 20 kobo in the year under review. The bank's total assets and contingent stood at N20.2 billion in the year under review, indicating an increase of 83 per cent, compared with N11.03 recorded in the previous year. The bank also recorded N13.4 billion deposits in 2004, as against N5.5 made in the previous year, while other liabilities went up from N1.3 billion to N2.3 billion. The Chairman of the bank, Professor Emmanuel Edozien attributed the positive performance of the bank, to its new aggressive marketing strategy, which includes continuous branch expansion strategy based on market research information on the untapped business opportunities in the market. "The bank's success story is anchored on its management's great vision of the pursuit of integrity and the provision of quality banking services to its teeming customers. The story is captured by its expanding network of business offices, currently at 29 branches", he said. He added that the strategic direction is to be in those places where commercial volume of transactions with their customers justifies their presence. With this performance, he said that the bank is prepared to confront the challenges that might come with the recent policy of N25 billion capital base for banks. Who Are We ? | About THISDAYOnLine.com | THISDAY People | Contact Us © Copyright 2000 Leaders & Company Limited

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