Shareholders of Oceanic Bank International Plc will today in Abuja, at the bank’s 11th Annual General Meeting (AGM), get a dividend of N11.9 billion, translating to 102 kobo per share for the financial year ended September 31 2007.

The shareholders are expected to consider and approve the bank’s annual financial accounts as well as the report of the board of directors. The news of the proposed dividend has generated excitement and high spirits among as the shareholders as it is one of the highest dividends ever paid in the domestic banking industry. It would b e recalled that Oceanic Bank in 2006 financial year paid a dividend of 42 kobo and also gave a bonus issue of one for four scrip issue that was not promised the shareholders.

Many of the shareholders who spoke on the proposed dividend lauded the board and management for the gesture as 102 kobo is proposed in contrast to 75 kobo promised in the prospectus for the bank’s last public offer. According to them, Oceanic Bank has a track record of surpassing and exceeding shareholders’ expectations especially in the payment of dividends. They also lauded the bank’s financial performance which has placed at the forefront of competition in the industry.

In the year under review, the bank confirmed its leading position as it posted an asset base (plus contingent liabilities) of N1.26 trillion compared to N466.5 billion recorded at the corresponding period in 2006. This represents an increase of 170 per cent. According to the bank’s full year consolidated audited reports approved by the relevant regulatory authorities, Oceanic Bank recorded significant growth in all performance measurement indicators with gross earnings rising from N44.6 billion to 75 billion indicating a 67 per cent increase.

The increase in gross earnings could be attributed to the bank’s ability to take advantage of new opportunities in the domestic economy. Oceanic Bank posted a profit before tax (PBT) of N23 billion compared to N11 billion in 2006 representing a growth of 98 per cent. With this profit level the bank has the best Profit to Income Ratio in the industry. Detailed analysis of the result also showed that profit after tax (PAT) rose by 79.2 per cent to N17.5 billion compared to N9 billion posted in 2006. Following its last successful public offer, Oceanic Bank’s shareholders fund hit an all high of N222.48 billion in contrast to N37.67 billion as at the preceding financial year.

Signs of what 2008 holds for the bank are quite evident. In the first quarter ended December 31, 2007 the Oceanic Group recorded a gross earnings of N31 billion. The amount represents a 138 per cent growth from the N12.9 billion recorded by the bank group in the corresponding period of last year. According to the un-audited first quarter report, Profit before Taxation (PBT) was N10.9 billion in the three-month period, representing a 176 per cent growth from the N4.2billion recorded in the corresponding period of last year. Profit after Tax (PAT) was N8.8billion, representing a increase of 169 per cent over the N3.4billion recorded during the same quarter last year. The bank paid tax of N2 billion to the government, a growth of 214 per cent over N701 million it paid during the same quarter last year.