LAGOS –Two years ago, under the present management, Afribank Nigeria Plc embarked on a wholesale transformation programme to retake her pride of place in the financial services industry.
The bank initiated and commenced the implementation of a five-year strategic plan crafted to fully maximise its potentials, grow holistically and to offer superior returns to investors.
The main thrust of the growth plan was to make the Bank run at a high level of efficiency and best practices.
Today, the initiative is already yielding positive results that the market has come to recognize and applaud.
In the area of its financials, for example, Afribank has consistently grown its gross income and a profit before tax. Gross income increased from N15.6t36 billion in 2006, to N27.537 billion in 2k007 and N49.195 billion in 2008.
The Bank which recorded profit before tax of N3.983 billion almost doubled it in 2007 at N7.288 billion and continued the same feat in 2008 with a profit before tax of N15.116 billion. The Bank also progressively grew its total Shareholders’ Funds of N39.52 billion in its 2007/2008 financial year. the bank’s superior performance was attributable to high level of efficiency, aggressive business development strategies and staff motivation.
Afribank’s wholesale transformation programme involves several initiatives that processes and its technology infrastructure for service and value delivery to her customers and numerous stakeholders.
Highpoints of the strategic initiatives being vigorously pursued by the bank include:
Capital Raising – Afribank successfully raised additional capital of N105 billion which increased its total shareholders funds to N145 billion. This strong equity base thus provides the strong platform for the Bank to embark on its initiatives under the transformation agenda.
Project TIGER – targeted at upscaling the bank’s information technology infrastructure to meet increasing market imperatives for quality service delivery.
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