Spring Bank post 136.25% loss in 2009 FYE, no dividend


By investadvocate

June 21, 2010- 12:20 GMT


Spring Bank Plc (Springbank) has posted a loss of 136.25 percent (136.25%) in its 2009 Financial Year End (FYE) released on the Floor of the Nigerian Stock Exchange (NSE) in Lagos Nigeria. The bank made the loss when its Profit/Loss after Tax increased from N10.228 billion in year 2008 to N24.164 billion in year 2009 FYE.


Gross Earnings decreased from             N25.124 billion in year 2008 to N17.290 billion in the review period of year 2009, indicating a decrease of 31.18 percent (13.18%).


Also, Profit before Tax (PBT) N28.733 billion in year 2009 from N10.134 in year 2008 showing a PBT difference of (183.53%) in the review period.


However, the audited results for the period ended December 31 2009 shows no proposed dividend payout to investors in the review period. Without prejudice from investadvocate a company that posted N24.164 billion loss may not likely to pay dividend to its shareholders.








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