Vanguard (Lagos) - Subscribers to the last public offer (IPO/Stocks) by Oceanic International Bank PLC, will soon be smilling to the bank, following an impressive 170% increase in the bank’s financial base, largely attributed to the N222.48 billion fund raised in contrast to N37.67 billion available during the 2006 financial year.

According to the Chief Executive Officer (CEO), Dr. Cecilia Ibru, the bank has therefore proposed a dividend of N1.02 as against 75k promised based on its 2007 Public Offer Prospectus, as a show of appreciation to investors.

The bank posted an asset base (plus contingent liabilities) of N1.26 trillion in the financial year ended September 30, 2007 compared to N466.5 billion recorded for the corresponding period in 2006, which includes N17.5 billion profit after tax compared to N9 billion in 2006 representing a growth of 79.2 per cent. With this profit level the bank has the best Profit to Income Ratio in the industry.

This is by no means a confirmation of Nigeria’s position as one of the most profitable investment market in the world, as reported by the Wall Street Journal (WSJ).

The full story can be found on the Vanguard’s online website: http://www.vanguardngr.com/index.php?option=com_content&task=view&id=

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