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FIRSTBANK’S PERFORMANCE IS UNPRECEDENTED,
DECLARE SHAREHOLDERS
The success of FirstBank as
symbolised by its rising financial indices was roundly applauded
by an unprecedented mass of shareholders at the Bank’s 37th
Annual General Meeting (AGM) held at the Expo Centre, Eko Hotel &
Suites, Victoria Island, Lagos, on August 24,2006.
The rising indices that were
repeatedly cited were its Gross Earnings of N67.4 billion, Profit
Before Tax of N21.83 billion and its Total Assets and Contingents of
N730.80 billion all of which hit record levels in the industry.
Other indices which were celebrated
are its Return on Investments (ROI) signified by a dividend of N1.00
for each share held, a bonus of one for one, and the rising price of
its stock on The Nigerian Stock Exchange, which most small stock
holders said have made them millionaires.
FirstBank’s commitment to returning
value to shareholders is reflected in its ability to consistently
maintain post-tax return on equity ( currently 27.9 % ) above
industry average. At 19.69 %, its capital adequacy ratio is above
the regulatory minimum of 10 %. Post-tax return on assets (ROA) is
2.83%; local currency deposits stand at N448.92 billion; Earnings
Per Share for the Bank in 2006 was N3.32;
while Dividend Per Share stood at N1.00.
In their contributions at the
occasion, shareholders eulogised the Bank for its outstanding
performance. The President, Shareholders’ Solidarity Association of
Nigeria, Chief Akintunde Asalu, commended the Bank’s boards of
directors, management and staff for a wonderful job.
Similarly, Dr. Farouk Umar, another
notable shareholder, described the Bank’s result as the best for
shareholders, adding that FirstBank has demonstrated that it is
truly the first. He enthused that the shareholders
believe the dividends would even be higher next year.
National Coordinator, Independent
Shareholders Association, Chief Sonny Nwosu, was full of
appreciation to FirstBank for creating lots of millionaires from its
stocks, noting that the Bank’s performance is a testimony of the
managerial acumen of its executives.
Another shareholder, Mrs. Yemisi
Odeleke, stated that: “Success is not an orphan. FirstBank is a
successful child with many parents – the shareholders. And that is
what we are celebrating today. The Board, Management and Staff have
been extremely dedicated, producing the excellent report which is a
record-breaker in the industry. The Bank will continue to soar and
soar like the eagle.”
In his response, the Managing
Director / Chief Executive, Mr. Moyo Ajekigbe, thanked the
shareholders for their continuous support. He emphasized that as a
parent company, FirstBank is always setting a good example for its
subsidiaries. The Bank, he said, would consolidate on its
achievements, improve staff welfare as well as grow profits to meet
the expectations of investors.
FirstBank, besides winning the NSE
President’s Merit Award for twelve times, won the 2005 Best Bank in
Nigeria, Best Trade Finance Bank and Best Foreign Exchange Bank in
Nigeria awards by Global Finance Magazine of the United States, and
the Best Western Union Infrastructure Award. The Bank is also the
recipient of numerous social responsibility-related and sundry
awards, all confirming its status as the foremost financial group in
Nigeria and at the international level.
To view some of the pictures capturing highlights
of the session click here.
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