Oceanic Bank earns N10.9bn profit in 3 months

08.01.2008

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 31 December, 2007.

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

According to the bank’s unaudited first quarter report, Profit Before Taxation (PBT) was N10.9 billion in the three-month period, representing a 176 per cent growth from the N4.2billion recorded in the corresponding period of last year.

Profit After Tax (PAT) was N8.8 billion, representing an increase of 169 per cent over the N3.4 billion recorded during the same quarter last year.

The bank paid tax of N2 billion to the government, a growth of 214 per cent over N701 million it paid during the same quarter last year.

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 which, experts say, is so far the best in the industry.