Nigeria: Spring Bank Records N6.2 Billion Net Profit

FOR the first time in six-year, Spring Bank Plc, one of the eight banks rescued by the Central Bank of Nigeria (CBN) two years ago, has achieved net profit in its operations thus culminating in a renewed hope for a major boost in return on investment.

According to the 2010 audited accounts which was released at the floor of the Nigerian Stock Exchange (NSE) yesterday, Spring Bank posted a profit-before-tax (PBT) of N6.2billion. This is an outstanding performance when compared to the losses of the previous years. The sterling improvement becomes even more significant when contrasted with the loss position of N28.7billion for the period ended December 31, 2009.

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