Leadership (Abuja)
Amaka Ifeakandu
8 January 2008
Oceanic Bank International Plc has continued to record a significant growth in all indices as the group recorded gross earnings of N31 billion for its first quarter result ended December 31, 2007.
The amount represents a 138 percent growth from N12.9 billion recorded by the bank group in the corresponding period of last year.
According to the bank's un-audited first quarter report, profit before taxation (PBT) was N10.9 billion in the three-month period, representing a 176 percent growth from the N4.2 billion recorded in the corresponding period of last year.
The bank's profit after tax (PAT) was N8.8 billion, representing an increase of 169 percent 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 percent 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 that the outstanding results were achieved due to 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 amongst the best in the country, contributed to the performance which experts say is so far the best in the industry.
While commenting on the results, some of the bank's shareholders described it as an outstanding one and was indicative of what investors in the bank should expect in the current financial year, which will end on September 31, 2008.
One of the shareholders, Mr. Bolaji Adebayo, commended the bank for the outstanding performance, saying the result was an indication of what to expect in the current financial year.
According to him, "This performance is so far the best amongst banks that have announced their first quarter results in the current financial year. It goes a long way to tell us (shareholders) what to expect at the end of the current financial year.
"Based on my own analysis of the results, I see the bank posting a performance that will astonish shareholders. This will ultimately lead to more capital appreciation and good dividends in the current financial year."
Oceanic Bank International Plc recently posted an asset base (plus contingent liabilities) of N1.26 trillion in the financial year ended September 30, 2007, compared to N466.5 billion recorded at the corresponding period in 2006. This represents an increase of 170 per cent.
The feat came on the heels of the bank's 2007 award of Bank of the year - Nigeria from The Financial Times, London, publisher of Bankers magazine.
The bank won the award for the second time running (2006 and 2007) and is the only bank to have achieved this record in the post consolidation era in the banking industry.
In recent times, Oceanic Bank has been the ultimate destination for professionals in the banking sector due to its attractive compensation package and working environment which are reputed to be among the best in the industry.
It would be recalled that the bank's board has agreed to pay a dividend of 102 kobo in the last financial year, far above the projected 75 kobo .
Commenting on the proposed dividend, chairman of the Progressive Shareholders Association of Nigeria (PSAN), Mazi Boniface Okezie, described it as an excellent proposal which the shareholders will ratify at the bank's forthcoming annual general meeting (AGM) in the new year.
He praised the bank's management for adequately rewarding the shareholders, while predicting an upsurge in the bank's share value on the floor of the Nigerian Stock Exchange (NSE).
According to him, Oceanic Bank has joined the league of banks paying over 100 kobo dividend, meaning that it now plays in the big league.
A breakdown of Oceanic Bank's recently approved results showed that the bank surpassed all the projections made in its 2007 public offer prospectus.
A comparative analysis of the projections and actual results indicated that while profit before taxation (PBT) was projected to hit N18.91 billion in the year the bank recorded a profit before tax of N23 billion, representing a difference of N5 billion.
Though profit after tax was estimated to hit N14.75 billion, a profit after tax of N17.5 billion was returned, laying credence to the bank's ability to not only deliver on its promises but to also exceed projections.
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