Afribank Nigeria Plc grew its operating income in its First Quarter results ended March 2011 by 60 per cent. The income figure increased from N1.2 billion in 2010 to N1.9 billion in 2011 while its net fee and commission income also grew by 34 per cent from N1.8 billion to N2.4 billion within the same period. The bank’s asset in Treasury bills and bonds also went up by 140 per cent from N61billion in March 2010 to N146billion in March 2011.

Afribank’s return to profitability and its strong prospects of a good financial in 2011 have also increased the appetite of investors in the bank’s shares.

The bank’s stock has consequently become the toast of investors at the nation’s capital market gaining 14 per cent in three days of trading despite the bearish trend in the capital market.

The bank’s stock which was 1.24k on Friday, June 24 2011 when its results were announced, moved up to N1.41k at the close of trading on, June 28, 2011 with the stock on demand.

Despite the challenging economic environment, the bank’s customer deposits grew by 13 per cent to N281.38 billion in the 2010 financial year from N 249.50 billion in 2009, a reflection of the growing public confidence in the bank.

Afribank was able to achieve growth in its indices through aggressive and focused business drive, operational restructuring, market penetration, restructuring of its subsidiaries and efficient utilisation of resources. improved ratios of the bank are an indication that the growth strategies initiated by the Nebolisa Arah-led management and anchored on a two-year action plan is delivering on its promises.

“The aim is to deliver results that show a continuous positive trend. We will continue to remain focused on efficiency and sound corporate governance in our operations.