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Intercontinental Bank grosses N99.7b in nine months
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Profit before tax also witnessed a leap to N22.9 billion from N12.8 billion representing 78 percent growth. The impressive figure is higher than the 2007 financial year result
The bank also declared a profit after tax of N18.1billion, representing 78 percent over N10.1billion recorded in 2006.
Market watchers said at the weekend that the stellar performance of Intercontinental Bank for the nine months is an indication that the bank is set to record an unprecedented results for its year end.
Intercontinental Bank with a market capitalization of over N780 billion, representing about 7 per cent of the total market capitalisation of listed equities at the Nigerian Stock Exchange is already the toast of investors.
Its stocks, which were the most traded instruments on the nation’s capital market in November 2007, have continued to garner more price points on the stock movement ladder.
The stock is currently trading at the Nigerian Stock Exchange (NSE) for over N40.00 even as analysts projections further increase in stock value. The equity had traded at a daily average of N36 in the last three weeks.
As the fundamentals of the bank get stronger on quarterly basis, expectations for enhanced returns on investments by stakeholders is also on the high.
The bank has a track record of consistent upward financial performance which has buoyed investors’ confidence in the bank.
Analysts believe that with the bank’s competitive edge in customer service delivery, management, Information Technology which are built into its systems and processes, the bank is on course to surpassing all profit projections.
The bank’s corporate philosophy of “Happy Customer, Happy Bank” has been the driving force through its robust products, services and processes which are skewed towards meeting the needs and expectations of its discerning customers and other stakeholders.
The bank’s Group Chief Executive, Dr. Erastus Akingbola had in a goodwill message to staff last week attributed the bank’s exceptional performance in 2007 to the support of all its stakeholders as well as resilience and hard work of the staff.
Akingbola, who was named Man of Year 2007, by the Financial Standard newspaper, said that a major source of the bank’s success lies in the exceptional output of its high quality and professional staff and the bank’s consistent strategy of rewarding excellence.
He said that the bank would continue to value strong bonding and warm relationships in demonstration of its happy customer, happy bank philosophy to every customer.
Intercontinental Bank has been executing a bold enhancement strategy of all its processes in line with the global best practices in customer service, I.T and E-banking, expansion of its business lines and strengthening of risk management among others.
In line with this, the bank, in its quest for a global competition has introduced a bigger, bolder global vision: to be the No 1 in Nigeria, No 1 in Africa and among the world’s top 100 banks. The vision is to enthrone a truly world class Intercontinental Bank with presence in all the continents of the world to help position the bank in good stead for global competition.
Last December, the bank in its determination to be a dominant player in global banking launched a new corporate identity. The epoch-making unveiling of the new corporate identity dubbed; Good to Great is a reflection of the strategic intent of the bank.
The new corporate logo which has the hexagon as its primary identity icon with two dominant colours of blue and yellow is indicative of the bank’s bold international growth in all the continents of the world.
Intercontinental Bank is one of Nigeria’s biggest banks by capital, the fifth biggest bank in Africa and the only Nigerian bank among world top 500 banks. According to The Banker magazine, a subsidiary of Financial Times of London, intercontinental is the second fastest growing bank in the world currently.
The bank also declared a profit after tax of N18.1billion, representing 78 percent over N10.1billion recorded in 2006.
Market watchers said at the weekend that the stellar performance of Intercontinental Bank for the nine months is an indication that the bank is set to record an unprecedented results for its year end.
Intercontinental Bank with a market capitalization of over N780 billion, representing about 7 per cent of the total market capitalisation of listed equities at the Nigerian Stock Exchange is already the toast of investors.
Its stocks, which were the most traded instruments on the nation’s capital market in November 2007, have continued to garner more price points on the stock movement ladder.
The stock is currently trading at the Nigerian Stock Exchange (NSE) for over N40.00 even as analysts projections further increase in stock value. The equity had traded at a daily average of N36 in the last three weeks.
As the fundamentals of the bank get stronger on quarterly basis, expectations for enhanced returns on investments by stakeholders is also on the high.
The bank has a track record of consistent upward financial performance which has buoyed investors’ confidence in the bank.
Analysts believe that with the bank’s competitive edge in customer service delivery, management, Information Technology which are built into its systems and processes, the bank is on course to surpassing all profit projections.
The bank’s corporate philosophy of “Happy Customer, Happy Bank” has been the driving force through its robust products, services and processes which are skewed towards meeting the needs and expectations of its discerning customers and other stakeholders.
The bank’s Group Chief Executive, Dr. Erastus Akingbola had in a goodwill message to staff last week attributed the bank’s exceptional performance in 2007 to the support of all its stakeholders as well as resilience and hard work of the staff.
Akingbola, who was named Man of Year 2007, by the Financial Standard newspaper, said that a major source of the bank’s success lies in the exceptional output of its high quality and professional staff and the bank’s consistent strategy of rewarding excellence.
He said that the bank would continue to value strong bonding and warm relationships in demonstration of its happy customer, happy bank philosophy to every customer.
Intercontinental Bank has been executing a bold enhancement strategy of all its processes in line with the global best practices in customer service, I.T and E-banking, expansion of its business lines and strengthening of risk management among others.
In line with this, the bank, in its quest for a global competition has introduced a bigger, bolder global vision: to be the No 1 in Nigeria, No 1 in Africa and among the world’s top 100 banks. The vision is to enthrone a truly world class Intercontinental Bank with presence in all the continents of the world to help position the bank in good stead for global competition.
Last December, the bank in its determination to be a dominant player in global banking launched a new corporate identity. The epoch-making unveiling of the new corporate identity dubbed; Good to Great is a reflection of the strategic intent of the bank.
The new corporate logo which has the hexagon as its primary identity icon with two dominant colours of blue and yellow is indicative of the bank’s bold international growth in all the continents of the world.
Intercontinental Bank is one of Nigeria’s biggest banks by capital, the fifth biggest bank in Africa and the only Nigerian bank among world top 500 banks. According to The Banker magazine, a subsidiary of Financial Times of London, intercontinental is the second fastest growing bank in the world currently.
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