Babajide Komolafe
10 October 2008
Lagos — Intercontinental Bank Plc has announced its unaudited financial results for the half year ended August 31, 2008 with gross earnings rising to N121 billion, representing a growth of over 99 per cent as against the N60.9 billion 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 rising to N24 billion, an increase of 63 per cent from N14.7 billion in the previous year.
Profit after tax also recorded a huge leap to N18.7 billion, representing a growth of 66 per cent from N11.3 billion, in the preceding year.
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.
According to him, the bank is confident of posting an improved performance at the end of the financial year in February 2009.
"We are poised to surpass this record. We are encouraged by our drive, vision and capacity to double, year on year, all the performance indicators of the bank. We intend to beat our record and we shall", he said.
The bank opened its first European office in London last month. The opening marks the bank's continued international expansion that began in 2006 with opening of Intercontinental Bank Ghana Limited and is set to include every continent.
"The opening of Intercontinental Bank's London office - the first outside of the African continent- signals our continued commitment to emerging as one of the top 100 banks in the world," said Akingbola.
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