17 July 2008
Lagos — Oceanic Bank International Plc, has made a gross earning of N106.7 billion within the nine months of its operations this year.
It has also made a profit before tax (PBT) of N40.7 billion, representing an increase of 148 per cent growth from its previous year figure of N16.4 billion while the bank posted N33.6 billion profit after tax as against N13.6 billion made in the preceding year.
In a statement yesterday, the bank said percentage growth on both its turnover and profitability, confirmed it as most consistent bank in the country, in terms of profitability growth.
The bank, was recently named The Best Bank in Nigeria, in terms of Tier 1 capital, in a recent review carried out by The Banker, a subsidiary of the Financial Times of London.
A breakdown of the nine months financial statement indicated that the gross earnings rose from N59.22 billion to N106.74 billion which represents 125 per cent increase over N47.52 billion earned in the same period in 2007.
Profit after tax (PAT) moved in tandem with other fundamentals as it went up by N19.98 billion or 147 per cent to N33.61 billion as against to N13.63 billion posted the previous year.
Chief Executive Officer (GEO) of the bank, Dr. (Mrs.) Cecilia Ibru, speaking on the third quarter results, said the high turnover and profitability are were manifestation of strategies put in place by the bank to reach greater heights.
She said 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, adding that Oceanic, would be the best bank in all ramifications.
Commenting on the results, financial analysts commended the bank's management for its focus, resilience and the strategies put in place to become the best bank in the country in terms of asset base, capitalization and profitability.
Oceanic, now the fifth best bank in Africa was in the 13th position in the previous year-2007.
The Banker said the rankings, which placed it above other banks in Nigeria, "are based on the definition of Tier 1 capital as defined by Basel 's Bank for International Settlements (BIS).
According to the report, the definition is stricter than total stockholders' equity and covers only the core of the bank's strength-the shareholders' equity available to cover actual or potential losses.
"Tier 1 includes common stock, disclosed reserves and retained earnings, and in the case of consolidated accounts, minority interests in the equity of subsidiaries that are less than wholly owned, but excludes cumulative preference shares, revaluation reserves, hidden reserves, subordinated and long-term debt," the report added.
The growth of Oceanic Bank has taken it up to the 310th position in the comity of banks in the world as against 875 position in 2007 and 995 position in 2006.
The feat attained by the bank, is the first to be recorded by any bank in the African continent, with analysts describing the success as result of focused and insightful management, taking a full advantage of the banking consolidation carried out in the last few years.
The experts further noted that success recorded by the bank, would go a long way into building more confidence in investors, who would see Nigerian banks as having the financial muscle and shock absorber to be international players in the global financial market.
The Banker noted: "The dominance of South African Banks in the sub-Saharan Africa region is under threat. For the second year in a row, Nigeria's banks have soared up the global league tables and are knocking on the door of the more established 'blue-blood' brands of South Africa."
The report further added that the total Tier 1 capital of Nigerian banks in the top 1000 has more than doubled to $11.29 billion in 2008's rankings from $5.38bn in 2007.
Oceanic Bank, it would be recalled, won both the 2006 and 2007 edition of the Bank of the Year Award, for its innovation, transformation and dedication to developing the real sector of the economy.
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