IBTC increases profit by 87 percent
February 19th, 2007 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
IBTC Chartered Bank Plc recently released its third quarter result for the period ended December 31, 2006. In the just released results, the financial institution grew its net profit by 87 percent, which in present day banking is very good and impressive.
According to the report released to the Nigerian Stock Exchange, net income grew from N2.56 billion in the same period of 2005 to N4.8 billion in 2006. Profit before tax increased from N3.67 billion in 2005 to N6.4 billion in 2006, thereby representing an increase of about 74 percent.
Also, the IBTC group recorded a remarkable 170 percent increase in gross earnings from N6.15 billion in the corresponding period of 2005 to N16.63 billion in 2006.Predicated on the healthy figures, it would not be out of place to say that shareholders of the bank can definitely look forward to enhanced returns by the end of their financial year in March 31, 2007.
IBTC is known for upholding high ethical standards in the Nigerian banking industry. Recently, the bank has been engaged in merger talks with Stanbic Bank Nigeria Limited and Standard Bank of South Africa. IBTC has a number of subsidiaries including IBTC Asset Management Limited and IBTC Pension Managers.
The equities of the bank are one of the most sought after on the capital market as at present, as it is indeed breaking new grounds. If principles are anything to go by, the just released results will definitely push up the prices of the banks stocks in the market.
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