LAGOS—INTERCONTI-NENTAL Bank Plc has announced its eight months audited results, which saw major performance indicators recording impressive growth. The audited results for the period spanning January to August 2004, showed a phenomenal 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 of 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. The results also saw shareholders’ fund rising by 52.2 per cent to N13.1 billion as against N7.2 billion in previous year. With this growth record, the capitalisation of the consolidated Intercontinental Banking Group may hit N30 billion by the end of the current financial year, which is about N4 billion above earlier estimates and N5 billion above CBN’s newly prescribed N25 billion.
If the current momentum is maintained, analysts said the bank’s total assets might hit 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 end of the current financial year.
Last September when the group, comprising Intercontinental Bank Plc, Equity Bank Nigeria Limited, Gateway Bank Plc, and Global Bank Plc, formalised their consolidation, analysts had 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 1 3.9 per cent growth in its gross earnings, which, stood at N16.4 billion at the end of August compared with N 14.4 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 results 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.
