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Intercontinental Bank posts N11bn profit

Posted by By Ayo Olesin on 2006/07/19 | Views: 355 |

Intercontinental Bank posts N11bn profit

Intercontinental Bank Plc has declared a profit before tax of N11billion or N1.10 per share for its year ended February 2006.....

Intercontinental Bank Plc has declared a profit before tax of N11billion or N1.10 per share for its year ended February 2006.

This represents a 64.5 per cent rise over the N6billion recorded in 2005.

The bank’s operating income for the period was N30.87billion or 88 per cent over the N16.5billion earned in the preceding year, according to the results, made available to our correspondent on Tuesday.

Consequently, the board of directors of the bank has proposed a dividend payout of N4.3billion to shareholders, representing 84 per cent over the N2.3billion paid out last year.

This proposed payout translates to 25 kobo per share. This is in addition to the dividend of 20 kobo per share to be paid as interim dividend to shareholders of old Intercontinental Bank before the merger.

The Vice-Chairman/Chief Executive of the bank, Mr. Erastus Akingbola, attributed the results to the commitment by management to build and create wealth for the bank’s stakeholders, adding that the bank was now better placed to provide quicker, cheaper and more personalised services that would assist customers achieve their business objectives.

He said, “The results are resounding proof that ours is a merger that is unlocking true synergy, and from the results achieved so far in the new financial year, we believe the full aspect of the synergies would manifest as the year runs its course.”

The result is the first post- consolidation financial account of the new Intercontinental Bank after the successful merger of the old Intercontinental Bank, Gateway Bank, Equity Bank and Global Bank.

Intercontinental Bank, last October, became the first merged mega bank to fully integrate its systems and commence online, real-time businesses in all its locations nationwide the same day.

The bank recently entered into a technical partnership with French financial services giant, BNP Paribas, for the management of the country’s foreign reserves.

Both banks signed a Memorandum of Understanding spelling out details of the partnership that includes a mutually rewarding technical relationship, which covered asset management, continuous training and new product offerings from BNP Paribas into the country

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Comments (3)

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

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

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

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

Ikponmwosa Osamede(Edo, Nigeria)says...

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