Oceanic Bank: Getting Customers for Life
October 26th, 2006 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
Ogbuotobo Chuks
All over the world, investors have only one reason for investing, which is the prospect of getting good returns. Returns on investment can come in many ways namely, dividend, bonus issues on existing shares or capital appreciation.
For companies that want to excel and grow their cash vault, rendering of quality service and making excellent returns on shareholders investment is very key.
It is in this light that Dr. Cecilia Ibru, managing director of Oceanic Bank Plc has hinged the success of the institution on. Speaking recently, she said that Nigeria is an economy with tremendous growth potential, remarking that these positive developments are reflected in the continuous growth in GDP, increasing external reserves and reduction in inflation rates.
During the banking consolidation exercise, some analysts said that most recapitalised banks might not be able to pay dividends or give adequate returns after the exercise.
However, this is not the case for Oceanic Bank, as expectations are high in the Nigerian Stock Exchange (NSE) that dividends would be paid after the bank closed it’s 2006 financial year on September 30, 2006. The bank has continued to pride itself as “the delight of shareholders”. Its dividend policy is one of the most attractive in the banking sector.
The bank’s third quarter results showed that its gross earnings grew by 81 percent to N29.4 billion from N16.2 billion while profit before tax rose by 93 percent from N5.5 billion to N10.6 billion. Profit after tax also rose by 91 percent to N8.7 billion from N 4.6 billion.
The bank has forecasted a profit before tax of N9.5 billion and a profit after tax of N7.8 billion for its 2006 financial year. The bank has recently been rated among the top 1000 banks in the world.
Oceanic Bank was incorporated on March 26, 1990 as a private limited liability company with 100 percent equity ownership by Nigerian citizens and it was licensed on April 10, 1990 to carry on commercial banking. The bank commenced business on June 12, 1990 and was listed on the Nigerian Stock Exchange on June 25, 2005. at present, the bank has shareholders fund in excess of N37 billion, 140 branches and 24 e-banking centres.
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