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Shares in Bank PHB plc  rose by N0.39 to a new  high of N8.22 after the directors announced 90 percent increase in third quarter earnings. Investors also seized the opportunity to trade 8.369 million shares valued at N68.800 million in 90 deals.
Market analysts observed that Bank PHB’s strong business growth, propelled by increased business diversification and expansion resulted in a steep growth in gross earnings in the third quarter. 
Gross earnings shot up 90 percent to N105 billion in the nine months under review, as at March 2009 from N55 billion as at March 2008. The result also showed that interest and discount income remained strong growing by 140 percent to N78 billion from N33 billion, an indication of the bank’s healthy risk asset portfolio. Not surprisingly, net interest margin also doubled in growth despite a significant growth in interest expense which could be traced to rising cost of sourcing for funds. 
The bank’s profit before tax in the nine month under review hit N20 billion, which could not match the bank’s growth in earnings. The lower growth in profits for the period was traceable to the bank’s extensive expansion in the period under review. In the last nine months, Bank PHB completed the audacious acquisition of Spring Bank plc through an all cash buy out of about 60 percent of the outstanding shares of Spring Bank. It was also gathered that the bank completed the all cash acquisition of a subsidiary in Uganda. 
It will be recalled that Bank PHB also acquired a subsidiary in the Gambia in its last financial year, which has already been rebranded and currently operates as Bank PHB, The Gambia. Locally, the bank continued its domestic expansion opening more than 50 branches in the last nine months. 
Total Assets and Contingents 
Bank PHB total assets and contingents shot up 76 percent with the period from N585 billion in March 2008 to N1.05 trillion as at March 2009. 
Similarly, shareholders’ funds stood at N259 billion, more than 400 percent increase on the N51 billion as of March 2008. The bank, according to analysts, “remains among the top three most capitalized banks in the country”. 
However, the board has indicated that barring any unforeseen circumstance, the bank’s performance in the first nine months will be significantly improved on in the last quarter of its 2009 financial year. 
“Though the outlook for the global economic environment is still challenging, with most global economies expected to experience a drop in economic growth, Bank PHB has made significant investments in subsidiaries and strategic acquisitions in Nigeria and across Africa in the last few months to ensure we are well positioned to take advantage of a future resurgence of the global economy. Our global expansion agenda is on course and we expect to continue to establish our footprints across key economies in Africa and other key financial centres across globe. Our intent is to emerge as Africa’s integrated bank offering financial services to all Africans and non Africans across the globe no matter their location.” Said Francis Atuche managing director and chief executive of the bank.