L-R: Non-Executive Director, Adetola Atekoja; MD/CEO of Heritage Bank, Ifie Sekibo; Chairman, Akinsola Akinfemiwa and the bank’s Company Secretary, Olutomi Ojo at Heritage Bank’s 1st AGM, Lagos, on Tuesday.
… to list shares on NSE
Shareholders of Heritage Bank Limited, Nigeria’s most innovative banking service provider, have approved a resolution authorizing the board of the bank to raise additional N45 billion capital.
The shareholders, who gave the approval under special business at the maiden yearly general meeting of the bank held in Lagos on Tuesday, also authorized the board to raise the additional capital from local, foreign or other investors whether by public offering, private/special placement, rights issue or other methods through the issuance of ordinary shares.
In a bid to accommodate the new shares, the meeting also increased the authorized capital of the bank from N25 billion (made up of 12 billion ordinary shares of N1.00 each and 130 million preference shares of N1.00 each to N38.5 billion by the creation of additional of 13.5 billion ordinary shares of N1.00 each.
Consequently, the memorandum and articles of association of the bank will be amended to reflect the increase in the authorized share capital to N38.5 billion.
L-R: MD/CEO of Heritage Bank, Ifie Sekibo; Chairman, Akinsola Akinfemiwa and the bank’s Company Secretary, Olutomi Ojo at Heritage Bank’s 1st AGM, Lagos, on Tuesday.
The shareholders also empowered the board to list the shares of the bank on the Nigerian Stock Exchange (NSE) after the conclusion of the fresh capital offering. The listing is to provide opportunity for the secondary trading of the shares.
Heritage Bank reported a profit after tax of N1.099 billion on gross earnings of N24.174billion during the financial year ended December 31, 2015 compared with a profit after tax of N1.308 billion on gross earnings of N24.113 billion during the corresponding period of 2014.
Total deposit during the review period stood at N311.9 billion, risk asset base N175.1 billion while the total number of branches grew from 13 to 167 across all state capitals and total number of ATMs increased to more than 400 following the business combination of the bank with Enterprise Bank Limited.
The bank has a consolidated total asset of N482.9 billion as at December 31, 2015 with a strong shareholders’ funds of N65.7 billion, thereby enhancing its capacity to leverage market opportunities in target sectors while expanding its market share.
Chairman of the bank, Mr. Akinsola Akinfemiwa said “Our overall performance underscores our commitment to building a reputable financial institution that is capable of generating sustainable economic returns while maximising shareholders’ value.
“We anticipate a much better performance in the years ahead even as we deepen our roots in our identified strategic markets to enjoy better spread in income as well as become more innovative in our service delivery to reduce cost and maximise value for our shareholders.”
Also speaking, the Group Managing Director/Chief Executive Officer of the Bank, Mr. Ifie Sekibo, “As part of the next strings of events that define the growth path and competitiveness of the Bank, we will be deploying our retail banking strategy, engaging in capital raising and possible listing on the of the shares of the Bankon the floor of the Nigerian Stock Exchange.”