OCEANIC BANK GROWS PROFITS BY 101%

By Udeme Ekwere
Published: Wednesday, 8 Oct 2008
Oceanic Bank International Plc has reported significant growth in its performance indicators for the 12 months ended September 30 2008 with gross earnings hitting N150.9bn.

According to the bank’s unaudited results recently approved by the Nigerian Stock Exchange, the company’s gross earnings rose by 101 per cent compared to N74.94bn recorded in the corresponding period in 2007.

A statement from the bank on Tuesday showed that its profit before tax increased by 127 per cent to N52.23bn in contrast to N23.01bn posted at the preceding year, while its bank’s profit after tax increased by 135 per cent to N41.24bn in contrast to N17.54bn in 2007.

Speaking on the fourth quarter result, the Chief Executive Officer of the bank, Mrs. Cecilia Ibru, said the high turnover and profitability were the manifestation of strategies put in place by the management to take the bank to a greater height.

She assured that the bank would ensure bumper returns on investments of its shareholders while rendering the best services available in the industry to its teeming customers. Oceanic, she assured, would be the best bank in all ramifications.

According to the statement, the performance reflects Oceanic Bank’s track record of consistent and superior performances over the years. For instance, the bank earned N106.7bn in the third quarter of 2008 over N47.52bn in the same period in 2007.

Commenting further on the success of the bank’s financials, Ibru attributed the superlative performance to the bank’s solid management, continuous quest for innovations and human capital development. These, she said, were geared towards value-added customer service delivery.

The bank’s achievements so far, according to her, was as a result of through rigorous training and refresher courses organized for the staff and more importantly to the strict adherence of all the Management and staff to the bank’s core values, tagged: TEAMS, an acronym of Transparency, Equal Opportunity, Accountability, Merit and Service Excellence.