Posted by By Peter Egwuatu on
FIRST Bank announced yesterday a N11.618 billion profit after tax in the year ended March 31, 2004. The result showed an increase of 6.3 per cent over the N10.932 billion recorded in the corresponding period of 2003.
LAGOS—FIRST Bank announced yesterday a N11.618 billion profit after tax in the year ended March 31, 2004. The result showed an increase of 6.3 per cent over the N10.932 billion recorded in the corresponding period of 2003. According to the bank’s 2004 annual report and accounts, gross earnings amounted to N51.318 billion in the year 2004 up by 1.8 per cent from N50.597 billion in 2003.
Also yesterday, Union Bank of Nigeria announced a profit after tax of N8.341billion in the year ended March 2004. The profit figure showed an increase of 7.5 per cent from N7.762 billion in the corresponding period of 2003 in Union Bank’s profitability. Union Bank equally recorded gross earnings of N48.166billion in year 2004 an increase of 9.3 per cent from N44.013 billion in 2003.
The Board of Directors of Union Bank of Nigeria Plc has proposed a dividend of N1.40 per share and a bonus of one for three to its shareholders. The Board of Directors of First Bank of Nigeria Plc has also proposed a dividend of N1.55 per share and a bonus of one for eight.
According to the Managing Director/CEO of First Bank of Nigeria Plc, Mr. Jacob Ajekigbe, "the bank has over a century distinguished itself as the largest Nigerian financial institution, contributing to the economic development of our great country. As at the end of March 2003, our financial year end , the bank‘s assets and shareholders’ equity increased steadily and stood at N321billion and N25billion respectively. Gross earnings and pretax profit were N45billion and N13 billion respectively for the same period."
The First Bank boss noted at fact-behind-the-figures for its financial year 2003 that the bank had improved tremendously.