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Platinum Bank Declares N1bn Profit

Posted by This Day Online on 2005/10/02 | Views: 1202 |

Platinum Bank Declares N1bn Profit


Along the established part of its steady growth and remarkable performance profile, Platinum Bank Plc yesterday declared a profit before tax of N1 billion for the financial year ended June 30, 2005.

Along the established part of its steady growth and remarkable performance profile, Platinum Bank Plc yesterday declared a profit before tax of N1 billion for the financial year ended June 30, 2005.

Also, the bank lived up to its reputation as it grew its balance sheet and contingents by 76 per cent from last year's figure of N34 billion to N60 billion.

The Bank's other performance indicator that witnessed significant growth include gross earnings, which grew from N5.2 billion to N6.6 billion, amongst others.

In its five years of operation, Platinum Bank Plc has recorded significant growth in profitability as profit before tax rose from N136 million in 2001 to N1 billion in 2005, a growth in excess of 675 per cent, asset base increase tremendously by over 605 per cent fro 8.5 billion in June 2001 to N60 billion in June 2005; gross earnings increased Significantly by over 612 per cent from N935 million to N6.6 billion for the same period; while shareholders fund rose from N687 million to N17.8 billion over the five year period under review, making it one of the nation's most capitalised bank.

As at June 30, 2005 the bank had shareholders fund of N12.6 billion, which has since been increased by N5.8 billion. Platinum Bank has over the years earned a reputation for offering unbelievable customer service exercise and leadership in product innovation.

In its five years of operation, the bank has increased its Branch network to thirty five, on-line, real time branches, with uniform facade in strategic locations across the country, built brad name recognition, and is significantly one of banking industry's leading socially responsible institutions.

The Bank's consolidation programme is on course.
Already the bank has signed a memorandum of understanding with carefully selected commercial banks, and is at the approval in principle stage with the Central Bank of Nigeria (CBN), while extensive work is been done to achieve the seamless integration of the merging banks.

According to the chief executive officer Mr. Francis Atuche, the bank has significantly improved its profitability not by focusing directly on making more money from its customers but by relentlessly striving to deliver more value to them without charging more.

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Comments (3)

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Okfold(Sobe, Edo, Nigeria)says...

I want the meaning of female owan name Ekeke (Edo state)

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Toluwalase Samuel Olufemi(Ijebu, Ogun, Nigeria)says...

Authority belongs to God, once He decrees it is final and binding

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Ikponmwosa Osamede(Edo, Nigeria)says...

Your meaning of Osamede is wrong. Osamede means God has given me a crown