EMEKA OKOROANYANWU
FBN Holdings Plc will be pay a total of N9.3 billion dividends to shareholders of the company from N59.7 billion profit after tax earned in the 2018 business year. This translates to 26 kobo per share.
Chairman of FBN Holdings plc, Dr Oba Otudeko who disclosed this on Friday in Lagos at the company’s Annual General Meeting (AGM) assured shareholders of brighter future, efficient service delivery and enhanced dividend in the years ahead.
Otudeko assured shareholders that the company had mapped out strategies aimed at ensuring enhanced value creation for the future.
He said that the board and management, would work together to create shareholder value and build strong foundation for the future.
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Group Managing Director, FBN Holdings, Mr Urum Eke said that the company was committed to greater exploits in the future in its drive to deliver value to its shareholders.
“I will like to reiterate our promise to you and the entire market that 2019 represents for us the year of inflection. All leading indicators derived from our numbers, point to the commencement of growth across businesses, markets and indices.
“As we transition to a new strategic planning cycle post-2019, we are confident that the focused execution of our strategy, investment in future-enabling technologies, development of our talents and our re-engineered processes to repositioning the group for ultimate benefit of the shareholders,’’ Eke said.
He also commended the shareholders for their unwavering support to the group over the years.
The company for the period under review posted a profit after tax of N59.7 billion compared to N45. 5 billion achieved in the comparative period of 2017, an increase of 31.4 per cent.
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Profit before tax stood at N65. 3 billion as against N54.5 billion recorded in 2017, representing a growth of 19.7 per cent.
Gross earnings stood at N583.5 billion compared to N595. 4 billion in 2017, a decrease of two per cent.
Its total assets rose by 6.3 per cent from N5.2 trillion in 2017 to N5.6 trillion during the review period.
Similarly, customers’ deposits expanded by 10.9 per cent from N3.1 trillion in 2017 to N3.5 trillion in 2018.
The year also recorded reduction in impairment charges which declined to N87. 3 billion from N150.4 billion, representing 42 per cent drop and a proof to the improving loan book of the commercial bank.
He assured the shareholders that the board and management had restructured the entire group for more sustainable growth.
