Shareholders of
Tribune Online reports that they gave the commendation at the 58th Annual General Meeting (AGM) of the bank held virtually and streamed live from the MUSON Centre in
Speaking at the meeting, Mr
'Looking at performance highlights, the bank has done a lot to grow our assets to N1.182 trillion. Loans and advances have also grown, operating income has grown, and our deposit base should hit N1 trillion by next year. We commend the board for retaining earnings, protecting shareholders' funds, and ensuring there is no insider abuse as it relates to loans. We are happy that our bank is at the forefront of the fight against COVID-19 and keeping the environment clean through its support for LAWMA.'
Also speaking, Sir
As a shareholder who is also a customer of the bank,
Mr
Also, Mr
Mr
Addressing the shareholders at the meeting, chairman of
The chairman said the recorded growth in total equity was attributable to growth in comprehensive income arising from gains recorded from investments in debt securities. He added that the Board of Directors recognised the importance of dividends to its shareholders and constantly sought to balance this with capital requirements to support the bank's next wave of?growth.
'Accordingly, the Board recommends the payment of three kobo per share as dividend for the year ended
Ighodalo said: 'A?direct?contribution?of?our?investments?in?technology?and intelligent automation can be seen in the performance of?SPECTA -
He said SPECTA, 'remained the major?source?of?incremental?lending, contributing to the growth of the bank's core business and?offering over N45 billion in loans to individuals and small?business owners in 2019 alone. This represents over 200 percent ?growth in loans given to the bank's retail and consumer segment compared to 2018.'
The chairman explained that the bank consolidated its efforts in the mobilisation of deposits during the review period, thereby recording a 17.4 per cent growth in deposit base to N893 billion from N761 billion.
He said the bank, 'achieved? a? higher ?growth ?of? 19.4 percent in ?the? mobilisation ?of? low-cost current and savings accounts deposits, maintaining a 60 percent (CASA/total deposit) deposit mix during the year,' adding that the development contributed largely to improved cost of funds from 7.4 percent in 2018 to 6.3 percent.
He observed that, although the bank's earnings grew only marginally by one per cent to N150.2 billion, it was able to deliver 12.5 per cent growth?in profit? before? tax and 15 per cent? growth ?in ?profit? after-tax at N10.6 billion; despite 12 per cent increase in operating?expenses.
He attributed the growth in operating expenses to increased investments in human capital and technology, reflective of the bank's transformation journey and desire to further motivate and upskill employees of the bank.
In his comments, Chief Executive Officer of
He added that the bank's unwavering commitment to a more disciplined deployment of scarce capital and the strength of its retail business contributed to a 15 percent growth in profit after tax to N10.6 billion.
On the future prospect of the bank, he said, 'we have laid a sound foundation for 2020 with significant investments in technology to accelerate our digitisation,' adding that the bank will serve customers with empathy and knowledge on their own terms.
© Pakistan Press International, source