FBN Holding adopts new strategy on their Loans Recovery; Assure Shareholders

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… Pay 25 Kobo Dividend

The board of directors of FBN Holding Plc, on Tuesday May 15, 2018, led by Group Managing Director Urum Kalu (UK) Eke, assured shareholders of the company determination to recover all the Non-Performing loans, which have increased the level of provisioning for the bank.  He disclosed this while responded to shareholders questions on Non-Performing Loan is pilling up at the company 6th Annual General Meeting (AGM) in Lagos.

Eke also pointed out that recovery has been a core focus of the leadership team of the bank, pointing out that there is a special committee set up to address it, along with an asset management units which has been created for the purpose, aside the traditional low end recovery team. Assuring that not one naira with debtors will be left out.

According to him “even though we have not recorded a full resolution of our Non-Performing loans (NPL), we have made significant progress in dealing with a number of these names and more fundamentally, ensured a strong asset quality from recent credits. As a result NPL for the period declined from 24.4 percent in 2016 to 22.8 percent in 2017.  

The managing director who was answering questions on the bank financial performance for the year ended December 31, 2017, attributed the 25kobo dividend payment to performances of Insurance and others subsidiaries.

Meanwhile, shareholders approved the payment of N8,973,823,198,00,  dividend which translates to 25 kobo per 50 kobo ordinary share of the company. The dividend is subject to withholding tax, payable on Wednesday May 16, 2018 to members whose names appears in the register of members at the close of business on May 4, 2018.


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