Afribank records growth in half year performance
Afribank Nigeria
Plc has posted a profit before tax (PBT) of N5.52 billion for the
half-year unaudited financial account for the period ended June 2010.
The bank recorded a PBT of N3.52 billion in the second quarter, which
represents a growth of 77 per cent over the N1.99 billion recorded in
the first quarter of the year ended March 31, 2010. Gross earnings also
rose by 86 per cent from N25 billion in the first quarter to N46.56
billion in the half year period.
As part of strategy
to improve profitability, the bank’s management was able to reduce its
administrative overheads to N12.77 billion in the current half-year
from N19.28 billion in the corresponding period in 2009. Also, the
interest expense paid was reduced from N31.51billion in 2009 to
N26.97billion in the half-year ended June 2010.
“We expect that our
performance will continue to improve in the year. We will continue to
remain focused on our guided growth strategy and implement sound
corporate governance practices in all our operations,” the bank said in
a statement.
According to the
bank, the steady improvement in its fundamental performance ratios is
an indication that its growth strategies anchored on the Two-year
Turnaround Plan, is delivering on its promises.
“Our overall aim is
to continue to strategically grow our deposits liabilities, grant
quality loans to our customers in our identified target market; improve
our operations by leveraging on technology and upgrade the skill set of
staff in risk management, banking operations and relationship
management”, the statement added.
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