Posted by By SEUN ADESIDA on
In what is best defined as extraordinary performance, Intercontinental Bank Plc has made history in the annals of international finance having been rated as the second fastest growing bank in the world by The Banker Magazine.
...5th in Africa, 355th in the world and 2nd fastest growing bank globally
In what is best defined as extraordinary performance, Intercontinental Bank Plc has made history in the annals of international finance having been rated as the second fastest growing bank in the world by The Banker Magazine.
Intercontinental is also ranked by the magazine as the biggest bank in Nigeria, number five in Africa and the 355th biggest bank in the world by first tier capital, making it the first Nigerian bank to be rated among the world's top 500 banks.
The Banker Magazine, a subsidiary of the Financial Times of London, in its 2007 edition of the Top 1000 World Banks rating released last week, described Intercontinental Bank's outstanding growth as symbolic of the massive impact of the Nigerian banking reform. The magazine noted: 'Nigeria's Intercontinental Bank reflects the huge consolidation and regulatory change that has taken place in Nigerian banking in the past two years, adding that the bank rose by a record 522 places to be ranked at 355, with capital ballooning to $1277 million at the end of February 2007.
The bank was ranked 877th last year but with its capital increasing almost fivefold to $1.3 billion from $273 million last year, it easily made it to the elite top 500 banks in the world. The Magazine noted: Following a merger with three other banks, Intercontinental Bank's capital increased by 4.6 times, making it easily the largest bank in the country by capital.
The bank also made strong showing in other financial indicators listed in the rankings. It emerged as the 31st bank in the world by Capital Assets Ratio indicating capital soundness, the 56th bank in the world by Real Profits Growth and 74th strongest in the world by Return on Assets.
The emerging global outlook of the bank and partnership with reputable international organizations has started to yield fruits with remarkable improvements in the banks processes and service delivery consistent with global best practices. Intercontinental Bank recently raised an unprecedented amount of about N100 billion through a public offering on the Nigerian Capital Market. Also five reputable foreign financial institutions recently invested $161 million (N20.25 billion) in the bank through preferred equity stock, indicating strong local and global investor confidence.
Intercontinental Bank also recently declared the highest ever profit before tax (N22.6 billion) by any quoted company in the history of the Nigerian Stock Exchange. The bank surpassed all its projections for its financial year ending February 2007. It's profit before tax grew by 121%, profit after tax by 105%, Gross revenue by 113% while total assets climbed by 101%.
Analysts have described the financial performance of Intercontinental Bank as meteoric, noting that the bank is redefining the scope of competition in the country's banking landscape with many Nigerian Banks scurrying to the capital market and seeking international partnerships to accelerate their growth strategies.
Intercontinental Bank is currently working with world class consultants to ensure that its processes and service delivery are of international best practice as it now directs great attention to competing with the best banks in the world. The banks shareholders at its Annual General Meeting (AGM) held recently in Abuja hailed the cheering news of the banks new international ranking and declared it a global endorsement of Intercontinental Bank as an emerging global banking powerhouse.