Oceanic Bank Lauds Customers

The management of Oceanic Bank International Plc has expressed appreciation to their numerous customers for the support for its steady recovery and progress made in its turnaround programme.
A statement from the bank said that growing customer confidence and loyalty is a vindication of the effectiveness of the recovery strategy put in place by the management.
The bank thanked its numerous customers for their confidence and patronage, adding that the bank will continue to remain focused on providing efficient customer focused services.
The bank’s business performance, commitment to good corporate governance and transparency are attributes that have further enhanced Oceanic’s brand equity in the financial services sector. Oceanic has emerged a stronger institution from its restructuring, with prospects for a brighter future as we continue to collaborate with our stakeholders on the adoption of an effective recapitalization plan.
It would be recalled that the turnaround programme which followed the CBN intervention in the Bank last August has recorded impressive results driven by growth in retail banking, improved efficiency in business processes and loans recoveries. The Bank recently announced Gross Earnings of N64.27 billion and Profit Before Tax of N10.19 billion in its unaudited results for the half year ended June 30, 2010. Compared to a loss before tax of N50.78 billion in the corresponding period of 2009, the Profit before tax of N10.19 billion is a clear indication of the success of the Bank’s transformation programme.
Oceanic Bank’s management is exploring several options for recapitalizing the bank through a combination of internally generated profits, sale of non- performing loans to Asset Management Corporation of Nigeria (AMCON), and capital injection from strategic investors. Industry experts say the eventual recapitalization of the bank would significantly boost profitability, improve returns for shareholders, and provide a solid platform for sustained superior service delivery.