Rokel Commercial bank has announced a 55-cent per share bonus for its shareholders.
Making the announcement at the bank’s eighth annual general meeting at the Bank Complex yesterday, the banks’ Board Chairman, Yaya Tabias Sesay said, “consequent upon the extraordinary general meeting held on 8th November 2006, the bank had to use part of its retained earnings to meet the Central Bank directives in line with the Basle II accord of financial institutions, indicating that in pursuant of the resolutions at that meeting, every shareholders of the Bank was issued with 5 bonus shares for every Le1.00 share held as at 31st December 2005”.
This he said meant that the total number of issued shares as at 31st December 2006 was Le 6,718,464,000 (six billion, seven hundred and eighteen million, four hundred and sixty four thousand Leones).
It also means that the number of shareholders increased five-folds whilst there was a 22% drop in profit.
Announcing the 55-cent share per bonus, Chairman Sesay said, “in a bid to keep our major stakeholders happy, the bank is pleased to advise a dividend of Le 0.55 cents per share amounting to Le 3, 695, 155, 200 (three billion, six hundred and ninety five million, one hundred and fifty five thousand two hundred Leones).
Of this dividend, the government by virtue of its 51% interest will receive Le1,884, 529, 152 and the rest distributed amongst shareholders.
The Board Chairman said the profit for last year was Le8,024,436,000 a decrease of Le2, 367,713 for the same period of 2005.
“It is worthy to note that all income-related areas reflected satisfactory increases despite the poor business climate” he said.
Shareholders and management observed a minute silence for the late Justice Samuel Beccles-Davies whose death the Board chairman said had created “a vacuum” and hoped the authorities would address shortly.
He also highlighted the fast-growing use of the Bank’s network of Automated Teller Machines (ATMs) which he said has brought about “a significant growth”.