MBC Int'l Bank Posts N642 m Profit
MBC International Bank recorded an appreciable growth in virtually all its performance indices, posting a pre-tax profit of N624.2 million for the year ended March 31, 2004.
This, according to the bank's Chairman, Chief (Dr.) M.A.Majekodunmi who addressed shareholders in Lagos yesterday at the 22nd Annual General Meeting (AGM), indicates a 48 per cent increase over the previous year's N421.9 million.
During the year under review, MBC also recorded a leap in customer patronage as indicated by gross earnings, which swelled by 23 per cent, from N3.02 billion to N3.81 billion. Ditto for loans and advances that grew by some 6 per cent, from N4.056 billion to N4.26 billion.
Shareholders' funds which shows the level of confidence investors have in the banks also inched up by 44 per cent, from N1.71 billion to N2.49 billion, while paid-up share capital rose by 36.5 per cent, from N1 billion in 2003 to N1.36 billion in 2004.
Shareholders of the bank also smiled home with a dividend of 9 kobo per share as well as a bonus of one share for every 11 held as at the end of the financial year under review. Both total assets and deposits however fell by 7 per cent and 17 per cent respectively, from N15.48 billion to N14.44 billion and N11.32 billion to N9.3 billion.
The Chairman noted that in spite of the fierce competition and vagaries that characterized the economy during the year under review, "MBC International Bank Limited maintained her market share and the confidence of her good customers and counter parties."
Majekodunmi also observed that the operating environment would remain challenging.
"The suggested capitalization of banks, competition and a dynamic and evolving banking landscape are some factors that would determine the future."
To turbo-charge its service delivery channels as well as get its services nearer to customers and prospective ones, the bank recently acquired a new banking software application (Bank master RS) and opened a new branch in Apapa, Lagos State. The new software gives the bank the flexibility to launch new products.
A stable successful business entity run by a team of competent professionals, MBC operates through eight strategically located branches and works closely with its subsidiary, MBC Securities Limited to provide top quality stock broking services to desiring customers. Warehoused by MBC are an array of financial products such as Retirement Earnings Accumulation Plan Account (REAP); Richie Rich Account; MBC Invest-Sure Account,
MBC Plan and Purpose Account, MBC Mortgage Finance and MBC Have and Own Asset Finance and MBC Professional Business Account.
Founded by a group of leading Nigerian investors and Banque Paribus of France in 1982, MBC International Bank was one of the first privately owed merchant banks in Nigeria. At inception, the bank was christened Merchant Banking Corporation Nigeria Limited but re-named MBC International Bank Limited when it converted to universal banking in 2002.
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