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ABUMFB posts N103m profit after tax

The bank said in a statement to Daily Trust that that the Gross Profit of N148,324,000 was recorded by the financial institution during the year.A…

The bank said in a statement to Daily Trust that that the Gross Profit of N148,324,000 was recorded by the financial institution during the year.
A total of N22 million dividends will be paid out to shareholders on 20 Kobo per each share. This followed approval from Central Bank of Nigeria and ABUMFB Board of Directors.
Of the amount, ABU and six other units of the university will be paid N12,231,000 less 10 percent withholding tax. ABU alone, for instance, will receive N9,720,000 as its dividend.
The six other units of the institution that will benefit from the dividends include ABU Press Limited which will go home with N486,000, IAR (N162,000), Kongo Conference Hotel (N648,000), Institute of Education, Kongo Campus (N81,000), ABU Bookshop (N324,000) and ABUCONS (Nig) Limited (N810,000).
Other shareholders outside the university community, among them individuals and corporate organizations, will get the remaining N9,769,000 as their dividends from the bank for 2012 financial year that ended in December.
The bank’s Acting Managing Director, Malam Sa’adu Hassan Rafindadi, said in the statement that the bank witnessed a steady share growth in recent years, saying shareholders benefited immensely from such success.
The bank’s current shareholding, according to him, stood at 110 million shares, saying customers should expect improved services in the years ahead as the bank was set to roll out ATM machines in the first quarter of 2014.
Other services offered by the bank, Rafindadi said, included e-transaction as regards school fees collection, first-pay funds transfer via First Bank’s platform and e-pay solution, a funds transfer through Fidelity Bank Plc.

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