WEDNESDAY, 01 SEPTEMBER 2010 

Oceanic Bank has revealed that its management is exploring several options for recapitalising through a combination of strategies.The bank in a statement expressed that it is seeking to recapitalise through several options such as internally generated profits, sale of non- performing loans to Asset Management Corporation of Nigeria (AMCON), and capital injection from strategic investors.

According to the statement, the bank’s business performance, commitment to good corporate governance and transparency are attributes that have further enhanced Oceanic’s brand equity in the financial services sector.“Oceanic has emerged a stronger institution from its restructuring, with prospects for a brighter future as we continue to collaborate with our stakeholders on the adoption of an effective recapitalisation plan.”It would be recalled that the turnaround programme, which followed the CBN intervention in the bank last August has recorded impressive results driven by growth in retail banking, improved efficiency in business processes and loans recoveries.

The bank recently announced gross earnings of N64.27 billion and profit before tax of N10.19 billion in its unaudited results for the half year ended June 30, 2010. Compared to a loss before tax of N50.78 billion in the corresponding period of 2009, the profit before tax of N10.19 billion is a clear indication of the success of the bank’s transformation programme.Industry experts say the eventual recapitalisation of the bank would significantly boost profitability, improve returns for shareholders, and provide a solid platform for sustained superior service delivery.

The management expressed appreciation to their numerous customers for the support for its steady recovery and progress made in its turnaround programme.A statement from the bank said that growing customer confidence and loyalty is an indication of the effectiveness of the recovery strategy put in place by the management.

The bank thanked its numerous customers for their confidence and patronage, adding that, “Oceanic Bank will continue to remain focused on providing efficient customer focused services. This is what motivates the bank’s management and staff as we strive towards making Oceanic Bank an enterprise that gives all its stakeholders an assurance of peace at all times.” 

With a branch network of over 365, a customer base of about 4.9 million and a deposit base of over N600 billion, Oceanic Bank has clearly established itself as one of the leading banks in the country.

Source:Guardian