This week, 3 of the major banks released their results. As expected, the results were very impressive. Here are the reports in the dailies.
I noticed that none of these banks had any press release on their results. The results sections of their websites hadnt been updated in a while. I hope they work on this.
Intercontinental Bank Gross Earnings Hit N121bn
Intercontinental Bank Plc has announced its unaudited financial results for the half year ended August 31, 2008, which saw gross earnings rising to N121billion, representing a growth of over 99 per cent against the N60.9billion achieved in the corresponding period of 2007. The result, which was made available to the Nigerian Stock Exchange yesterday, saw the bank’s profit before tax soaring to N24billion, an increase of 63 per cent from N14.7 billion in the previous year.
Financial analysts attribute the phenomenal growth in the bank’s earnings portfolio to robust customer confidence, while its customer base has been upbeat, due largely to aggressive drive for retail business. The Bank, early last year embarked upon a strategic repositioning drive to dominate retail markets across the country, leverage on its strong corporate finance business and massive market response to the bank’s consistent delivery on its brand promises to make customers happy with excellent banking services.
The effective delivery of its business model introduced in 2006 to drive businesses across geographical and sectoral divergence of the banking public has also helped in growing its earnings. The Group Chief Executive, Dr Erastus Akingbola, said the exceptional performance represents a bold step in the bank’s global strategy of benchmarking the best financial institution in the international arena, while positioning to become the number one bank in Nigeria among top five in Africa and top 100 in the world by 2011.
Fitch Ratings recently affirmed the Bank’s National Long-term ratings at A+. The interpretation, according to analysts, is that the bank is a low risk financial institution. The Agency also affirmed the bank’s international rating at B+, which is the highest for any Nigerian bank, as at the date by Fitch Ratings.
Oceanic Bank Posts N52.2 Billion Profit
Oceanic Bank International Plc has posted a profit before tax (PBT) of N52.23 billion for the fourth quarter-ended September 30, an increase of 127 per cent, in contrast to N23.01 billion posted in the corresponding period last year. The bank’s earning rose by 101 per cent to N150.9 billion as against N74.94 billion made last year, confirming its leadership position in the industry.
While its Profit before tax (PBT) rose by 127 percent to N52.23 billion, its Profit after tax (PAT) increased by 135 percent to N41.24 billion in contrast to N17.54 billion in 2007. A total of N11 billion was paid as tax to the government indicating an increase of 101 percent over N5.47 billion paid the previous year.
Chief Executive Officer of the bank Dr. (Mrs.) Cecilia Ibru speaking on the fourth quarter result said the high turnover and profitability are the manifestation of strategies put in place by the management to take the bank to a greater height. She assured that the bank would ensure bumper returns on investments of its shareholders while rendering the best services available in the industry to its teeming customers. Oceanic, she assured, would be the best bank in all ramification.
The performance reflects Oceanic Bank’s track record of consistent and superior performances over the years. For instance, the bank earned N106.7 billion in the third quarter of 2008 over N47.52 billion in the same period in 2007. Profit before tax for the third quarter rose to N40.7 billion; representing an increase of 148 per cent growth from its previous year figure of N16.4 billion, the bank posted N33.6 billion profit after tax as against N13.6 billion made in the preceding year.
Profit after tax (PAT) moved in tandem with other fundamentals as it went up by N19.98 billion or 147 percent to N33.61 billion in contrast to N13.63 billion posted in 2007. The bank the financial year on a positive note, posting a gross earnings of N66.47 billion in the first six months. This represented an increase of 129 per cent over its gross earnings of N29.08 billion recorded in the corresponding period of 2006/2007 financial year. Profit after tax for the period also increased to N20.30 billion from N8.28 billion indicating a 145 percent growth
Fidelity Bank Profit Rises By 259%
Fidelity Bank’s leadership aspiration in the Nigerian banking industry has received a boost with the result of her last financial year which was released on the floor of the Nigerian Stock Exchange yesterday after approval by all the relevant regulatory bodies. The result, which was for the year ended June 30, 2008, showed a robust improvement on all indices of growth.
Profit Before Tax shot up a record 259 per cent from N4.41 billion to N15.80 billion, while Profit After Tax rose 212 per cent a significant leap from N4.16 billion in the previous financial year to N12.99 billion in the period under review. Similarly, Gross Earnings moved up by 72 per cent from N23.63 billion to N40.47 billion while Shareholders’ Funds shot up by 357 per cent from N29.76 billion to N135.86 billion in the period.
This, in the opinion of market analysts, has placed Fidelity Bank among the nation??s most capitalised banks, with the capability to handle large ticket transactions. The size of the bank, as indicated by the Total Assets, also appreciated by 146 per cent, moving from N217.14 billion to N533.12 billion. The bank’s earnings per share also showed a remarkable growth of 77 per cent, rising from 25k to 45k during the review period.
The performance of the Group was no less impressive with Profit before Tax climbing by 219 per cent from N5.11 billion to N16.31 billion and Profit after Tax up by 183 per cent from N4.71 billion to N13.36 billion in the period under review. Similarly, Gross Earnings of the Group also went up 72 per cent from N24.86 billion to N42,66 billion while Earnings per Share moved from 29k to 46k.
Group Shareholders?? funds increased from N30.101 billion to N136.372 billion while Group Total Assets doubled from N218.332 billion to N535.480 billion. Fidelity prides itself one of Nigeria’s strategically managed institutions, with “a record of integrity and professionalism”. The bank’s measured ??but definite steps have helped it in becoming a notable financial services supermarket, with subsidiaries in investment banking as well as pensions management.
The impressive performance, according to analysts, is also attributable to the bank??s vast improvement in information technology infrastructure which saw a massive deployment of modern ATM network, as well as ambitious branch expansion programme that has seen new Fidelity branches spring up in many areas of the country where the bank was hitherto thin on the ground.
Fidelity Bank recently marked its 20th anniversary with a Save & Fly Promo, which seeks to reward its customers with over one million attractive gifts and prizes. Lately, Fidelity has also emerged among the nation’s most socially responsible companies, supporting the environment and the arts and has garnered many awards in acknowledgement of their contribution in this area.
According to the Managing Director & Chief Executive of the Bank, Mr. Reginald Ihediahi, the performance is merely an indication of the possibilities in the bank.
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donne4real | November 17, 2008
