Intercontinental Bank grosses N99.7bn in 9 months

Lanre Oyetade, Lagos - 14.01.2008

Intercontinental Bank Plc. has announced its results indicating its financial performance for the third quarter which ended on November 30, 2007 with N99.7 billion as gross earnings, a growth of 69 per cent over the N59.1 billion earned in the corresponding quarter of the previous year.

Profit before tax also witnessed a leap to N22.9 billion from N12.8 billion representing a 78 per cent growth. The figure is higher than the 2007 financial year result

The bank also declared a profit after tax of N18.1billion, representing a 78 per cent increase over N10.1billion recorded in 2006.

Market watchers said at the weekend that the performance of Intercontinental Bank for the nine months is an indication that the bank is set to record an unprecedented results for its year-end.

Intercontinental Bank, with a market capitalisation of over N780 billion, representing about seven per cent of the total market capitalisation of listed equities at the Nigerian Stock Exchange, is already the toast of investors.

Its stocks, which were the most traded instruments on the nation’s capital market in November 2007, have continued to garner more price points on the stock movement ladder.