Nigerian CommunicationWeek

Afribank Posts N2billion Profit in Q1 2010

 Afribank Nigeria Plc has recorded a profit before tax of N2billion for the first quarter ended March, 2010.
The bank in a statement said it realized the profit from N25billion gross earnings in three months with strong prospects of better returns in the financial year.
The return to profitability of the bank as at March 2010, compared with a loss of N39billion in the corresponding period of last year, thus confirming the success of the initiatives of the bank’s management since the commencement of the Turnaround Program last year.
Management of the bank disclosed that the implementation of its Two-Year Strategic Plan, currently at its guided growth phase, has aided the bank’s market acceptance, penetration and increase in its market niche and customer share of wallet.
The Turnaround Plan focuses on market intelligence, good relationship management, Group integration, resource optimization, people, value chain marketing and technology leverage.
“Our overall aim is to achieve excellence in all aspects and maintain an enhanced liquidity position, implement an improved risk management framework and control environment, as well as entrenching better corporate governance with assured superior returns to shareholders,” Nebolisa Arah, Group Managing Director/CEO of the bank, explained.
Market analysts see the bank’s first quarter results as encouraging and a sign of positive development for the financial conglomerate and Central Bank of Nigeria (CBN) Reform effort; an affirmation of the ability of the management to completely turn-around the bank in a short time.
The bank had within the period improved its performance indices; (liquidity ratio is now in excess of 28%, Loan/Deposit ratio is less than 60% etc). The institutionalization of sound corporate governance structures and Enterprise Risk Management (ERM) has also placed the bank on the path of sustainable growth.
Afribank has continued to strengthen its relationship with key private and public sector players in its various target markets. This has broadened significantly the business horizon of the bank, which had two weeks ago joined the club of lenders to MTN Nigeria.
The bank had early this year segregated its SBUs along functional lines for improved efficiency to enrich the bank’s relationship with its growing clientele and had recently upgraded its IT platform for improved efficiency and customer satisfaction.

Exit mobile version