Intercontinental Bank Plc has announced its eight months audited results, which saw impressive growth in the major performance indicators.
The audited results for the period spanning January to August 2004 showed a growth in the bank�s total assets, which stood at N110.6 billion, about 70.6 per cent rise over the N64.8 billion recorded in the corresponding period in 2003.
This represents a monthly growth of N13.8 billion, or 70.4 per cent, which is a quantum leap from the monthly growth of N8.1 billion or 52.8 per cent recorded in the corresponding period in 2003.
A statement by the bank in Lagos noted that the results also saw shareholders� fund rising by 52.2 per cent to N13.1 billion as against N7.2 billion in the preceding year.
�With this growth record, the capitalisation of the consolidated Intercontinental Bank Group may hit N30 billion by the end of the current financial year, which is about N4 billion above earlier estimation and N5 billion above the Central Bank of Nigeria�s newly prescribed N25 billion minimum capital base.
Analysts said if the current momentum is maintained, the bank�s total assets could hit over N193 billion in the next six months and this could see the projected total assets for the consolidated Intercontinental Bank Group overshooting the earlier projected target to over N300 billion by the end of the current financial year.�
When the Intercontinental Group, comprising Intercontinental Bank Plc, Equity Bank Nigeria Limited, Gateway Bank Plc, and Global Bank Plc, formalised their consolidation, the analysts projected that their combined assets would hit N200 billion by the end of the current financial year.
A breakdown of the balance sheet showed that deposit base rose by 71.4 per cent to N75.4 billion in contrast to N66.4 billion achieved in 2003 financial year.
This performance showed that the bank was able to grow its deposit base by N9.4 billion, or 77.8 per cent per month compared to a monthly deposit growth rate of N5.5 billion or 41 per cent achieved in 2003.
Similarly, the bank recorded an impressive 13.9 per cent growth in its gross earnings, which, stood at N16.4 billion at the end of August compared with N14.4 billion in the same period last year.
A further breakdown of this results showed that the bank raked in monthly gross income of about N2.1 billion as against the monthly income of N1.8 billion it earned in 2003.
Details of the result showed that the bank grew its profit by 19.5 per cent to N3.5 billion in contrast to N2.9 billion in 2003, while shareholders� fund rose by 52.2 per cent to N13.1 billion as against N7.2 billion in previous year.
Analysts say the aggressive marketing and cost-cutting measures put in place early this year by the management drove the stellar performance, which has already received the nod of the Nigerian Stock Exchange.
With this financial health in terms of earnings, earning mix, asset and asset quality as well as capital adequacy and liquidity position, Intercontinental bank is not only one of the strongest in the industry, but one bank that is positioned to deliver consistent returns in the years ahead.
