Afribank Drives Growth with Optimization Strategy

Afribank Nigeria Plc has attributed the improvement in its fundamental ratios and strong prospects and outlook to its adoption of efficient cost structure and optimization of its resources in its operations.
Management of the bank in a statement attributed the positive development to efficient allocation and optimal deployment of resources.
The bank posted N5.2 billion profit before tax in the first half of the year ended June 2010 and has consistently built its liquidity ratios, grow its deposits and incomes and improved on its cost to income ratio among others.
 “We shall continue to work tirelessly to exceed stakeholders’ expectations and place Afribank on the path of sustainable growth,” the bank pledged.
The bank recently aligned its workforce to achieve market relevance and meet the needs of its growing customers. Staff were redeployed to match skills and experience with responsibilities, build career path and maximally utilize their core competences.
The alignment, management of the bank said “is designed to restore confidence, lead to efficient service delivery and ensure business continuity”.
The initiative has also helped the bank build strong relationship management with customers and improve response time and place it on the path of sustainable growth.
The bank is presently implementing a Branch Transformation Project which covers branch upgrade with modern facilities with a view to providing comfortable ambience for business transactions, build staff capacity and process re-engineering. The project is in line with the Two-Year Strategic Plan of the bank which is anchored on overall operational excellence.
Afribank last year restructured its business into Strategic Business Units (SBUs) with a view to capturing target markets and increasing the business and wallet share of the bank. The bank has consequently expanded its growth rate, increased productivity and profitability levels via the business model.