Intercontinental Bank Records N5.1 Bn Profit in Six Months

Intercontinental Bank Plc has continued to record growth in its profitability as it posted a Profit Before Tax (PBT) of N5.1billion for the half-year ended June 31, 2010.
This is against a loss position of N139.95 billion it recorded in the corresponding period of 2009.
This represents a growth of 180 per cent over the N1.8billion profit recorded in the first quarter of the year ended March 31, 2010. The quantum growth indicates strong prospects of better returns in the financial year for the bank.
The bank’s deposits also grew by 16 per cent from N503.96 billion to N582.79 billion in the period under review.
Market watchers have commended the bank’s strategy, which is being driven by improved efficiency, as the management was able to reduce its administrative overheads to N34.9 billion in the current half-year from N51.1 billion in the corresponding period in 2009.
Also, the interest expense paid was reduced from N49.3 billion in 2009 to N28.38 billion in the half-year ended June 2010.
The successful implementation of the transformation project put in place by the new management led by Mahmoud Lai Alabi has continued to yield the desired results.
The management of Intercontinental Bank has pledged to sustain the trend and improve shareholders’ value.