Shareholders of Capital Bankcorp Plc have endorsed the proposed N61 million dividend proposed by its Board of Directors for the financial year ended December 31, 2014, just as the board assures of growth prospects given improved operating environment.
The shareholders of company at the 27th Annual General Meeting held in Lagos on Thursday commended the Board and Management for returning to profitability in spite of the harsh operating environment it operated upon during the period under review.
Capital Bancorp declared a gross dividend of N61, 308 million after posting a profit after tax of N78, 011 million in its 2014 financial year as against a loss of N132 Million in 2013. The new dividends translate into eight kobo per share.
The Managing Director and Chief Executive Officer, Mr.Aigboje Higo attributed the impressive performance to consistent and focused implementation of the company’s strategic plan, dynamic board and innovative management team and effective and efficient management of resources among others.
Higo explained thus: “These attributes which revolve around provision of innovative professional financial services are consistent with our mission statement and would continue to sustain the company’s competitive edge irrespective of the nature of the operating environment in the current financial year”.
Addressing the shareholders at the company’s Annual General Meeting (AGM) in Lagos ,the Chairman of the company, Mr. OlutolaMobolurin explained that the company’s performance is better appreciated against the background of the inclement operating environment characterized by high operating cost and weak purchasing power.
According to him “The Nigerian stock market performance in 2014 was lackluster. The high guaranteed returns in the money and bond markets did not serve the interest of the stock market as many investors stayed off the market. The market recorded a net outflow of about N154.14 billion in December 2014 as against N20.48 billion net inflow in December 2013.” Mobolurin said.
Explaining some of the positive developments in the company during the review period, Mobolurin noted that in line with the regulatory directive to operate a finance house business under a separate entity, the Central Bank of Nigeria (CBN) has transferred the company’s finance house license to its wholly owned subsidiary, Bancorp Finance Limited. Also, another subsidiary is fully operational.