First Inland Bank Plc has declared a profit before tax of N6.5 billion at the end of its first financial year, which ended in April 2007. The bank's gross earnings also significantly grew to N27.5 billion during the same year under review.

The bank's total assets and contingents grew by 99 per cent from N138.7 billion to N275.7 billion. The total deposits also grew from N62 billion to N147 billion an increase of over 137 per cent. Profit before tax is N6.4 billion while profit after tax and goodwill amortisation is also N2.65 billion. With the completion of the bank's audited accounts, the financial institution is now in a position to reap the benefits of all the new businesses to be undertaken in key sectors of the economy. The results for the year show very significant improvement over prior year figures and indicates significant progress by the bank.

To further consolidate on the gains of the past 18 months, First Inland has concluded plans to embark on yet another round of expansion in its business. The current branch expansion has seen the setting up of over 30 new branches in the past year while plans to open over 20 more branches before the end of their financial year are in top gear.

A statement by the bank's Managing Director and Chief Executive Officer, Mr. Okey Nwosu, said the bank plans to extend its banking services to the west, central and east African regions. "Our presence in
Ghana via the establishment of an e-payment company to render DSTV subscription and other flash me cash payments is enjoying wide acceptability there," he added.

As part of the bank's growth strategy, plans to raise additional capital from the market in form of both debt and equity within this financial year have reached advanced stages. Nwosu added that the bank plans to raise up to N100 billion in new capital both from the local market and the international market. "A lot of interest has been shown by various potential stakeholders including foreign investors willing to invest in the bank.

"Our accounts will now pave the way for us to conclude these discussions and this will further boost our quest to deliver top quality service, in line with international best practice to our customers. Our strategy is to achieve a minimum capitalisation of over $1 billion (N127 billion) by the end of our current financial year," he said.

The results have shown that the merger of the four banks that consolidated into First Inland Bank Plc, (First Atlantic Bank, Inland Bank, IMB Plc and NUB) have potential to create a truly great institution.