EAGLE BANK & FINANCIAL SERVICES LTD’s venture into Investment and Commercial
Banking, including Securities Dealing, would benefit tremendously
from MBCOM’s revitalisation
within a short period of three years
which is attributable to the competence
of its Management team. Its aggressiveness
has earned it a respectable place
in the market. The audited accounts
of MBCOM showed that the Gross Earnings
increased from £768m in 1998 to £1.3bn
in 1999 representing a growth of 74%
in one year compared to 47% growth
achieved in the previous year. The
Banks total assets grew from £3.044mn
in 1998 to £500.4mn in 1999 while shareholders
funds increased from £752m in 1998
to £102.3bn (inclusive of proposed
dividend) in 1999 representing a 40%
increase in the same period.
The
Company has since consolidated this
position, recording profit before
tax of £26.3m, £26.9m and £32m
in 1997,1998 and 1999 respectively.
The Company went on to declare dividend
of £100m in 1998, three years after
the restructuring exercise , with
another dividend of £10m declared
for 1999 financial year.
In
1998 the Company was presented with
the PHAREZ EMERGENT SERVICE AWARD in
recognition of the post-restructuring
performance of the Company and was
commended and listed as a Company of
Good Risk Rating (A).
