Intercontinental Bank Plc, Nigeria’s biggest bank by tier one capital, has posted gross earnings of N28.7bn in its first quarter ended May 31, 2007. This marks an increase of 73 per cent over the N16.6bn earned in the corresponding quarter of last year.

The bank also declared a profit after tax of N4.6bn, representing a rise of 111 per cent over the N2.21bn recorded in 2006.

A statement from the bank on Monday said the first quarter result was a follow-up to the impressive year-ended February 2007 financial performance, which the bank declared recently.

In the result, Intercontinental Bank recorded N22.6bn profit before tax, described as the highest ever declared by any quoted company in the history of the Nigerian Stock Exchange.

The bank said it also surpassed all its projections for the 2007 financial year. Profit after tax was a remarkable N15.5bn, a 105 per cent rise over the N7.6bn attained in the previous year.

The impressive performance had resulted in enhanced return on investment and capital appreciation for stakeholders, it said.

For instance, it said the bank offered a dividend payout of N9.5bn to shareholders, representing 84 per cent rise over the preceding year’s N2.3bn.