Intercontinental Bank has release results for FY ’08 . And has become the norm, declared some humongous profits. The results and the statement from the bank are below:

Intercontinental Bank Consolidates Leadership Position With Asset Base at 1.7 Trillion

Intercontinental Bank Plc, has announced its financial results for the year ended  February 2008 which shows a deposit base of N1.05 trillion, up by 126 per cent from N468 billion in the previous year. The total assets plus contingents rose to N1.7 trillion, up by 108 per cent from N823 billion, thus making the bank the first to hit trillion mark in deposit and also giving it number one position in total assets.
Financial analysts attribute the unprecedented growth in the bank’s deposits portfolio to robust customer confidence. The customer base has been on the rise since post consolidation.

The bank also recorded a phenomenal growth in gross earnings which stood at N173.5 billion, an increase of 99 per cent over the N87.4 billion recorded in the previous year. Profit before tax grew by a whopping 102 per cent to N45.6 billion, as against N22.6 billion in 2007, while profit after tax soared by 125 per cent to N34.8billion during the period under review. The capital base also rose to N200 billion from N157 billion.

The sterling performance is due largely to the effective delivery of its business model introduced in 2006 to drive its businesses across geographical and sectoral divergence of the banking public.

Intercontinental bank recently embarked upon a strategic repositioning drive to dominate retail markets across the country, leverage on its strong corporate finance business and massive market response to the bank’s consistent delivery on its brand promises to make customers happy with excellent banking services.

The Group Chief Executive, Dr. Erastus Akingbola said the exceptional performance represents a bold step in the bank’s global strategy of benchmarking the best financial institution in the international arena while positioning to become the number one bank in Nigeria among top five in Africa and top 100 in the world by 2010.