The last may not have been heard of the strategic turnaround initiatives of
Afribank Nigeria PLC as the
Bank has closed its
First quarter (ending June 30, 2007) on a higher note with N4billion pre-tax profit. This indicates the
Bank ’s steady move towards a robust 2007/2008
Financial year.
Sources said that with the market breakthrough and the level of efficiency being demonstrated by the
Management , it is obvious that the ambitious target set by the
Bank to be one of the top three
Financial institutions in
Major performance indices is going to be achieved ahead of the target time frame.
The sharp increase in
All Afribank ’s performance
Ind -ices in the
First quarter showed that it’s
Marketing and
Business approaches were fully delivering results. The
Bank ’s gross earnings leaped by 125 per cent from N4 billion to about N9 billion, depicting an increase of 125 per cent.
The sustained tempo of
Business and performance of the
Bank last year confirmed the renewed
Confidence of the banking
Public on the strategic and market-focused initiatives being embarked upon by the
Bank in line with its post-consolidation plan.
Just last
Friday,
Afribank declared a pre-tax profit of N9.13billion for its 2007 year, indicating some 130 per cent rise over N3.98 billion made in the previous year. This stellar
Financial performance, which has continued to be hailed by market operators is, signifies a complete rebound of the
Bank into the league of top banks in the country.
Analysts said that
Afribank ’s re-entry into the top league of banks is not unexpected as the
Financial institution’s transformation plan has made its presence felt in key sectors of the economy especially
Energy ,
Manufacturing and telecommunications.
Afribank has continued to engage in systemic growth through product differentiation, operational expansion and alignment, partnership
Building , cost effectiveness and increased
Staff empowerment and productivity.
All these have facilitated the
Bank ’s market acceptance.
Comparing
Afribank ’s pre-tax profit of N9 billion at year end and its N4 billion the
First quarter has brought its upside
Value potential to the fore. Renewed
Confidence in the
Bank has also made
Investors to place its shares on high demand resulting in sharp increases in its
Price – a
Development that has made the
Bank the toast of the
Capital market.