|Group Managing Director|
Mr. Kehinde Durosinmi-Etti
Its Group Managing Director, Mr. Kehinde Durosinmi-Etti, disclosed this at the bank’s pre-Annual General Meeting media briefing in Lagos.
Durosinmi-Etti said the bank would invest between $100 million to $150 million in the power sector, while 17 per cent of its loan portfolio would be invested in the upstream sector.
He also said the bank was planning to raise N50 billion tier one capital for long-term investment purpose.
The group managing director, according to the News Agency of Nigeria said the bank had commenced upgrading of its hardware and software which would be concluded in 2013 to ensure efficient service delivery to all its customers.
He said the bank would open 12 new branches and 12 new cash centres across the country to improve its operational efficiency.
The group managing director also said the bank had divested from all its non-bank subsidiaries in line with the directive of the Central Bank of Nigeria (CBN).
Speaking on the bank’s performance for the 2012 financial year, he said that gross earnings grew by 25 per cent to N127.78 billion from N102.48 billion recorded in 2011.
According to him, the bank’s profit before tax rose by 481 per cent to N16.52 billion from N2.84 billion recorded in 2011.
Source: The Nation