Intercontinental Bank Plc post 125 percent profit.

Intercontinental Bank Plc post 125 percent profit.

Intercontinental Bank Plc has made available its financial results for the year ended February 2008 to trading members of the Nigerian Stock Exchange. A summary of the Banks results showed that its deposit base reached N1.05 trillion from N468 billion in the previous year indicating a growth of 126 percent. Its gross earnings grew by 99 percent from N87.4 billion in the previous year to N173.5 billion.

Profit before tax grew by 102 per cent to N45.6 billion as against N22.6 billion in 2007. Profit after tax also recorded a phenomenal growth of 125 percent to N34.8 billion during the period under review. The banks capital base increased from N157 billion in 2007 to N200 billion in 2008.
It is proposing to pay a total dividend payout of N13.5 billion made up of the N6.3 billion paid to the investors as interim dividend last September and the N7.2 billion to be paid as final dividend payout to investors. This translates to 40 kobo per share compared to 35 kobo paid as interim dividend, bringing the total dividend per share for the year to 75 kobo.