Nigeria: Intercontinental Bank Gross Earnings Hit N121 Billion
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This Day (Lagos)
10 October 2008
Posted to the web 10 October 2008
Lagos
Intercontinental Bank Plc has announced its unaudited financial results for the half year ended August 31, 2008, which saw gross earnings rising to N121billion, representing a growth of over 99 per cent against the N60.9billion achieved in the corresponding period of 2007.
The result, which was made available to the Nigerian Stock Exchange yesterday, saw the bank's profit before tax soaring to N24billion, an increase of 63 per cent from N14.7 billion in the previous year.
Financial analysts attribute the phenomenal growth in the bank's earnings portfolio to robust customer confidence, while its customer base has been upbeat, due largely to aggressive drive for retail business.
The Bank, early last year embarked upon a strategic repositioning drive to dominate retail markets across the country, leverage on its strong corporate finance business and massive market response to the bank's consistent delivery on its brand promises to make customers happy with excellent banking services.
The effective delivery of its business model introduced in 2006 to drive businesses across geographical and sectoral divergence of the banking public has also helped in growing its earnings.
The Group Chief Executive, Dr Erastus Akingbola, said the exceptional performance represents a bold step in the bank's global strategy of benchmarking the best financial institution in the international arena, while positioning to become the number one bank in Nigeria among top five in Africa and top 100 in the world by 2011.
Fitch Ratings recently affirmed the Bank's National Long-term ratings at A+. The interpretation, according to analysts, is that the bank is a low risk financial institution. The Agency also affirmed the bank's international rating at B+, which is the highest for any Nigerian bank, as at the date by Fitch Ratings.
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