Proshare NG reports that profit at Nigerian International Bank, a subsidiary of Citigroup declined 10% in the year ended December 31st, 2007.

Here is the report below:

Profit after Tax (PAT) of Nigeria International Bank Limited (NIB) a subsidiary of Citigroup in Nigeria has declined by 10.05 percent in its result for the year ended December 31, 2007.

In the period under review, the PAT of NIB decreased from N7.722 billion in year 2006 to N6.946 billion in year 2007 indicating a decline of 10.05 percent.

In the same vein, Profit before Tax (PBT) also declined from N10.555 billion in year 2006 to N8.413 billion in year 2007 indicating a decline of 20.3 percent.

However, Net Earnings increased slightly from N14.851 billion in year 2006 to N15.248 billion in year 2007 showing an increase of three percent. While Earnings per Share (EPS) also declined by 9.78 percent from 276 Kobo in year 2006 to 249 Kobo in year 2007.

Shareholders funds of the bank grew slightly from N33.812 billion in year 2006 to N35.031 billion in year 2007 showing a growth of four percent.