Oceanic Bank makes N13 billion in 1st quarter
January 31st, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
Without resting on it oars after an impressive just concluded year, oceanic bank plc which is presently the fastest growing bank in Nigeria released an impressive first quarter result recently.
The result for the period ended December 31, 2006 showed a gross earnings of N12.53 billion, which represents an increase of about 45 percent over the previous years result. This also saw the banks pre-tax profit rise to N4.11 result and profit after tax rise to N3.42 billion, an increase of about 46 percent.
In the just concluded year, the banks gross earnings grew by 83 percent, profit after tax grew by 62 percent to close the year at N9.6 billion as against N5.9 billion the previous year. Also from a figure of N281 billion, the bank’s base and contingent liabilities grew to n446 billion, representing an increase of about 66 percent.
It’s therefore not surprising that the shares of the bank is one of the hottest in the banking sector of the capital market. The bank in kits last financial year rewarded shareholders with a dividend payment of 32 kobo and a bonus issue of 1 for 4. the stock now sell for about N13.00 after being marked down to N12.48 on January 17, 2007.
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