Nigeria's Oceanic Bank in Mega Q1 Performance, UBA Impressive, too.
SmartProInvesting.com, January 7, 2008
Banks seem to capture all the business and financial headlines in the Nigerian market, these days. Try as you would to play down on the sector and possibly beam more on what happens in other sectors of the economy, they find a way of throwing up developments that cannot be ignored. Such is the sterling first quarter performance just released by Oceanic Bank, a bank that has grown steadily from a modest background to now becoming truly trail-blazing. Oceanic Bank has continued to capture key awards as a result of its burgeoning and indeed flourishing performance. It just bagged The Banker Magazine's Nigerian Banker of the Year award 2007, in a back-to-back performance that keep competitors wondering what next the bank has up its sleeves. The Banker Magazine is a subsidiary of the Financial Times of London.
Tripple-Digit Growth Rate
The oustanding Q1 results (to 31/12/07) show a staggering growth in key earnings indices. Achieving turnover, profit before tax and profit after tax growth rates of 140.39%, 160.05% and 152.84%, respectively, is clearly a manly performance. A N3.5 billion PAT in the kitty in the first quarter, surely sets the tone for an excellent performance year. Not only does it show activity growth, it also reflects operational efficiency as the turnover growth rate is further improved on in the profit growth, demonstrating an efficient cost-line. Oceanic bank investors must be grinning, hoping that the trends continues (and there is no reason to expect less) and looking ahead to a year of bounty.
Tough Management Act
This performance cannot be reviewed without mentioning the outstanding leadership that the Managing Director of Oceanic Bank, Mrs Cecilia Ibru, has brought to bear on the direction and performance of the bank. She has simply proved classy since getting into that position, quickly mastering the trade and moving on to carve a niche for herself.
Oceanic Bank would seem poised to do even bigger things ahead. It's disposition to supporting productive economic activities in key sectors of the economy, in particular the often neglected weaker small and medium enterprise sector, will not only help boost economic growth but will bring its reward in stronger customer loyalty in the the years to come.
UBA Shines too, Zenith More Moderated
UBA Plc has also released an impressive performance scorecard for its first quarter to 31/12/07. Turnover was up 76.38% over the previous year corresponding period, profit before tax 100.66% up, while profit after tax further inched up by 103.60% to N4.5 billion. It's performance trend also points to a good performance year, if sustained in the remaining quarters.
In a related development, Zenith Bank too has released its results, this time for its second quarter to 31/12/07. The Q2 results reflected Zenith's high earnings capacity, though its growth rate was more moderated. While PAT was N9.5 billion, this was a more modest 65.89% growth over the corresponding last year level. Turnover growth was even slower as it only got 20% better than previous year.
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