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Last Updated: Monday, November 1st, 2004 HOME | Previous Page Marina Bank records 19% growth in turnover By Esan Sunday Senior Finance Correspondent, Lagos   Amid the stiff competition in the banking industry, the management of Marina Bank has announced an increase of 19 per cent in gross earnings for the 2004 financial year. The earnings increased from N1.93 billion in 2003 to N2.3 billion. At the company’s annual general meeting (AGM), where the growth in earnings was announced, the shareholders endorsed the consolidation proposal of the management, urging it to consummate the discussions it has been having with banks of similar culture and values. Since the announcement of the N25 billion new capital base for the banking industry by the Central Bank of Nigeria governor, Professor Charles Soludo, the bank has been holding talks with some banks on the possibility of a merger or acquisition and is expected to announce the way forward before December, 2004. The bank’s shareholders, at the meeting, also described the bank’s performance in the financial year as remarkable and impressive, pointing to the growth in income from N1.93 billion in 2003 to N 2.30 billion in 2004. Though its profit before tax reduced slightly by five per cent, there was a one per cent increase in its profit after tax, which stood at N435 million in contrast to the N 429 million in 2003. Total liability increased by 40 per cent from N6.74 billion in 2003 to N9.45 billion in 2004.   Accordingly, the total assets of the bank rose by 35 per cent from N8.8 billion in 2003 to N11.865 billion in 2004. The bank’s shareholders’ funds also recorded a 17 per cent increase from N2.07 billion in 2003 to N2.41 billion in 2004. Copyright� 2004. All Rights Reserved. Independent Newspapers Limited Block5, Plot 7D, Wempco Road, Ogba, P.M.B. 21777, Ikeja, Lagos State, Nigeria. www.independentng.com e-mail: [email protected] Designed By Powered By DNet.

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