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FIRSTBANK HOLDS 37TH AGM IN LAGOS
FirstBank shareholders are meeting on
Thursday August 24, 2006, at the Eko Hotels & Suites, Victoria
Island, Lagos to savour the bumper harvest by the financial
institution for the year ended March 31, 2006. In the review period,
the Bank’s gross earnings stood at N67.440 billion. With this
impressive result, the Bank has emerged the most profitable bank in
Nigeria, a position it has maintained for years. The meeting, which
is the 37th edition, will, among other things consider
the increase of the authorised share capital of the Bank from N3
billion to N10 billion by the creation of additional N7 billion
divided into 14 billion Ordinary Shares of 50 kobo each ranking in
all respects pari-pasu with the existing shares of the bank.
During the meeting,
Shareholders are also expected to consider the capitalization of
N2.620 billion from the balance of General Reserve and accordingly,
that the sum be set free for distribution amongst the members on the
Register of Members at the close of business on Monday, August 14,
2006, on condition that the same be not paid in cash but applied in
paying up in full at par 5,238,669,388 of the unissued ordinary
shares of 50 kobo each to be allotted, distributed and credited as
fully paid – up to and amongst such members in proportion of one new
ordinary share for every one ordinary share held by them on that
day.
With Total
Assets and Contingent Liabilities of N730.801 billion and gross
earnings of N67.440 billion for the year ended March 31, 2006, a
remarkable N10.185 billion or 17.78 per cent increase from
N57.255 billion recorded in the corresponding year ended March
31, 2005 FirstBank is, till date, the most profitable bank in
Nigeria.
Profit
Before Taxation for the period increased by N5.025 billion or
29.89 percent to N21.833 billion from N16,808 billion
posted for the same period last year. Similarly, Profit After
Taxation increased by N4.149 billion or 31.35 percent from
N13,234 billion to N17.383billion.
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