Capital Bancorp gets shareholders approval to pay N61million dividend

Capital Bancorp plc has received the approval of its shareholders to pay a gross dividend of N61.308 million after post- ing a profit after tax (PAT) of N78.011million in its 2014 financial year as against a loss of N132 million in 2013.

The dividend translates into eight (8) kobo per share for the financial year ended December 31, 2014. Aigboje Higo, manag- ing director and Chief Ex- ecutive Officer, Capital Bancorp plc attributed the impressive performance to consistent and focused implementation of the company’s strategic plan, dynamic board and inno- vative management team and effective and efficient management of resources among others.

He explained thus: “These attributes which revolve around provision of innovative professional financial services are con- sistent with our mission statement and would con- tinue to sustain the compa- ny’s competitive edge irre- spective of the nature of the operating environment in the current financial year”.

While addressing the shareholders at the com- pany’s 27th Annual Gen- eral Meeting (AGM) in Lagos Thursday, Olutola Mobolurin, chairman Cap- ital Bancorp plc explained the heartwarming perfor- mance is better appreciat- ed against the background of the inclement operating environment characterised by high operating cost and weak purchasing power.

On the future prospects, he assured the sharehold- ers of improved perfor- mance as the company would continue to intro- duce innovative products in consonance with its mul- ti-disciplinary resources. Shareholders commended the company’s perfor- mance and promised to support its growth strategy.

“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 mar- ket recorded a net out- flow of about N154.14 bil- lion in December 2014 as against N20.48 billion net inflow in December 2013.” Mobolurin said.

Speaking further on some of the positive devel- opments in the company during the review period, Mobolurin noted that in line with the regulatory di- rective 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. “The launch of Bancorp E-Trade in July last year el- evated the operations of the company as the platform affords clients the oppor- tunity to open stockbrok- ing account, manage their orders online, check state- ment of accounts anytime of the day and new con- tract notes among others”, Mobolurin added.

Capital Bancorp Plc is one of the oldest and most successfully managed fi- nancial institutions in the Nigeria’s capital market.

Its core activities are: New issue of equity and debt, Mergers and Acquisitions, stockbroking, portfolio management and equip- ment leasing.