In the first quarter unaudited results ended September 30, 2007, Bank PHB recorded 177 per cent growth in gross earnings from N5.2 billion in the corresponding period last year to N14.5 billion this year.
The bank's Profit After Tax stood at N3.5 billion as against N1.1 billion in the corresponding period last year. This represents 220 per cent growth over last year's performance.

The steep and steady rise in the bank's profits is raising the appetite of investors, as it is believed that the bank would soon conduct an initial public offering to raise further capital. Only two-week ago, the bank announced audited result for the year ended June 30, 2007 declaring profit before tax of N10.28 billion and total assets and contingents of N480 billion.

Within the period, there were also a strong evidence of increased customer confidence in Bank PHB reflected in a sharp increase in the bank's deposits base. Total deposits at N307 billion in 2007 represents 181 per cent increase on a deposit base of N109 billion in 2006.

Sources close to the bank reveal that the bank's fast paced growth rate is in line with its target of ranking among Nigeria's top five banks and West Africa's leading retail banking services provider in the next three years.

By its latest result, Bank PHB now ranks as the eight largest bank in Nigeria.