By Peter Egwuatu
Afribank Nigeria Plc has recorded a Profit Before Tax (PBT) of N8.13 billion for the third quarter financial result ended September 30, 2010. This is against a loss of N231.60billion in the corresponding period of 2009.

The Bank in a statement said it hope to sustain its growth trajectory as it continue to get new and sustain existing customers.

The bank has been able to sustain its growth tempo with a steady increase in PBT of N1.99billion in the first quarter and N5.5billion  in the second quarter respectively.

The Bank also grew its Assets to N315.89billion in the third quarter from N277.08billion in the corresponding period of last year, representing a 12.3 per cent increase.

The cost efficiency structure of the Bank also yielded significant results as the operating expenses of the bank reduced from N30b.01billion to N20.19billion within the period. Similarly, interest expense paid also reduced from N53.69billion as at September 2009 to N35.64billion in September 2010.

Mr. Nebolisa O. Arah, Group Managing Director/CEO, Afribank, explained that  “the consistent improvement of the Bank’s operations and profitability is a result of the implementation of several strategic initiatives by management and the cooperation of all stakeholders”.

Arah is optimistic that the guide growth strategy and implementation of sound corporate governance practises in the bank will lead to greater performance in the year.

Some of the market-centred initiatives which the Bank implemented have continued to yield positive results. This includes:  a review of operations and business processes,  restructuring of the Bank’s business into strategic business units, customer service, branch transformation, technology upgrade, e-channels and human resource optimization.

Arah stressed that the Bank has also consistently recorded market breakthrough in the areas winning big accounts and doing new businesses with private and public institutions.

According to him, “ Afribank has consistently post strong fundamental indices especially in liquidity ratio.Afribank’s turn-around plan has an over all intent to ensure its business continuity by leveraging on competitive strategies such as value chain banking, improved relationship management, product innovation and market intelligence, cost optimisation and retraining of staff. All these strategies are hinged on excellence”.