Oceanic Bank earned N66bn in 6 months

08.04.2008

Oceanic Bank International Plc has continued its profitability run, posting superior financial results with the group’s gross earnings hitting N66.47 billion, in the first six months of the financial year ended March 31 2008.

This represents an increase of 129 per cent compared to the gross earnings of N29.08 billion recorded in the corresponding period in 2006/2007 financial year.

The un-audited six months report recently released to the public showed that, profit before tax (PBT) rose to N25.1billion from the N9.97billion in the corresponding period in the last financial year and a represents a growth of 151 percent.

Profit after tax (PAT) was also on the upward swing increasing to N20.30 billion from N8.28 billion indicating a 145 percent. The bank paid a tax of N4.76 billion government as against, N1.7billion it paid as tax in the previous year, representing an increase of 181 per cent.

The second quarter financial report confirms Oceanic Bank as one of the most profitable banks in the domestic economy as its profit level continues to soar year after year.

The bank’s individual result in the six month period also indicated significant improvement in all performance measurement indicators. Gross earnings surged by 134 percent to N65.18 billion compared to N27.82 billion at the preceding period.