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...As Oceanic Bank earns N31bn in three months

Posted by From EMMANUEL OGOIGBE, Warri on 2008/01/08 | Views: 517 |

...As Oceanic Bank earns N31bn in three months


Oceanic Bank International Plc has continued to record significant growth in all indices as the group recorded a gross earnings of N31 billion in the three months ended December 31, 2007.

Oceanic Bank International Plc has continued to record significant growth in all indices as the group recorded a gross earnings of N31 billion in the three months ended December 31, 2007.

The amount represents a 138 percent growth from the N12.9 billion recorded by the bank group in the corresponding period of last year.

According to the bank’s un-audited first quarter report, profit before taxation (PBT) was N10.9 billion in the three-month period, representing a 176 percent growth from the N4.2billion recorded in the corresponding period of last year.
Profit after tax (PAT) was N8.8billion, representing an increase of 169 percent over the N3.4billion recorded during the same quarter last year.

The bank paid tax of N2billion to the government, a growth of 214 percent over N701 million it paid during the same quarter last syear.

Commenting on the results, Managing Director of the Bank, Dr. (Mrs.) Cecilia Ibru, said the outstanding results were achieved as result of the bank’s customer-friendly strategy that places the customer first.
She said the bank’s determination to satisfy customers, its strong capital base, robust technology and good brand name were some of the factors that led to the outstanding performance.
She added that the bank’s well-trained manpower, which is among the best in the country, contributed to the performance experts say was so far the best in the industry.

Some of the bank’s shareholders, while commenting on the results described it as an outstanding performance that is indicative of what investors in the bank should expect in the current financial year ending on September 31, 2008.

One of the shareholders, Mr. Bolaji Adebayo, commended the bank for the outstanding performance, saying that the results is an indication of what to expect in the current financial year.
According to him: “This performance is so far the best among banks that have announced their first quarter results in the current financial year. It goes a long way to tell us (shareholders) what to expect at the end of the current financial year.

“Based on my own analysis of the results, I see the bank posting a performance that will astonish shareholders. This will ultimately lead to more capital appreciation and good dividends in the current financial year.”

Oceanic Bank International Plc recently posted an asset base (plus contingent liabilities) of N1.26 trillion in the financial year ended September 30, 2007, compared with N466.5 billion recorded at the corresponding period in 2006. This represents an increase of 170 per cent.

The feat came on the heels of the bank’s 2007 award of Bank of the Year, Nigeria from The Financial Times, London (publishers of Bankers Magazine). The bank won this award for the second time running (2006 and 2007) and the only bank to have achieved this record in the post consolidation era in the banking industry.

In recent times, Oceanic Bank has been the ultimate destination for professionals in the banking sector due to its attractive compensation package and working environment which are reputed to be among the best in the industry.

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