LAGOS—Platinum Bank plc, weekend, announced that its on-going Private Placement through the sale of its shares to raise the bank’s capital base by additional N6.4 billion to N10 billion, has received the support of its customers.
Rising from its customers’/stakeholders interactive forum to intimate them of its strategy to properly position the bank in the consolidation/reform of the nation’s banking industry, the bank said that the customers who attended the event, were overwhelmed by the bank’s phenomenal growth and pledged to subscribe to the shares on offer at a discounted price of N1.95 per share, as well as promising to invite others to become part owners of the bank.
Presenting the bank’s phenomenal growth since inception in November 2000, to customers, the bank’s Managing Director/CEO, Mr. Francis Atuche, indicated that the bank grew its Profit Before Tax (PBT) to N885 million for the financial year ended June 30, 2004, which is almost a 200% growth over last year’s figure of N302 million, while its compounded growth over four years is in excess of 500%. He said that asset base increased tremendously by over 300% from 8.5 billion in June 2001 to 34 billion in June 2004.
Atuche noted that Central Bank of Nigeria (CBN) Report, said that industry growth rate in assets stands at 12.6% while Platinum’s growth rate in assets is a whopping 32.5%. Adding that total deposit mobilization, also grew from N14.9 billion to over N20 billion between 2003 and 2004.
Recounting the bank’s accomplishments for various stakeholder groups, Atuche noted that earnings per share for shareholders over the bank’s four years of operation has risen to 567% while Return on Investment is a remarkable 156%.
Other achievements of the bank according to him, included expanding to 28 real time, on-line branches in strategic locations, in addition to pioneering the valucard ATM, which enables valucard holders from any of the 40 participating banks to make transactions from the ATMs located in parts of the country regardless of whether they are customers of the bank or not.
In corporate social responsibility projects, the bank said many communities have benefited from its magnanimity listing, the Platinum National Scholars Scheme, which is the platform for positive inspiration and conducive learning environment for indigent public secondary school students nationwide, and the showcase of Nigerians who have overcome their circumstances to achieve fame and sometimes, fortune, as part of its projects.
In his own statement, the Chairman of the bank, Professor Pat Utomi, disclosed that after the sales of the shares on offer the bank will merge with a high performing second generation bank before December 2004 to create a new diversified financial services group with combined shareholders funds of over N20 billion, which will grow to over N25 billion before the CBN deadline of December 31, 2005 through retained earnings.
