By investadvocate

Nov 08 2010 16.02 GMT

Lagos (INVESTADVOCATE)-Spring Bank Plc has recorded 111.47 percent (111.47%) Profit After Tax (PAT) for the third quarter result for the period ended September 30 2010.

 

This was contained in the result announcement made by the Bank and released Monday November 08 2010 at the Floor of the Nigerian Stock Exchange (NSE) in Lagos Nigeria.

 

To record the growth, the Bank’s PAT in Q3 of year 2009 was a negative N28.638 billion compared to N3.284 billion in the same period of year 2010 indicating a growth of 111.47% in the review period.

 

Also Profit Before Tax (PBT) for the review period, came from a negative of N28.580 billion in Q3 of year 2009 compared to N3.354 billion in the corresponding period of year 2010; representing a growth of 111.74%.

 

In the same vein, Spring Bank posted a Gross Earning of N18.643 billion for the Q3 report for the period ended September 30 2010 compared to N15.484 billion in the same period of year 2009; showing an increase in Gross Earnings of 20.40%.

 

The Bank under the Management of Sola Ayodele had from its Unaudited result of Q1 recorded a PAT of N613 million compared with the loss position of N1.75 billion for the corresponding first quarter results of 2009.

Further operational performance indices showed that Spring Bank deposits grew from N142billion in December 2009 to N158billion in March year 2010, indicating a growth of 11.26 percent while the balance sheet size increased by 4.1 percent (4.1%) from N146 billion to N152 billion in the review period.

Also in Q2 for the period ended June 30 2010 released at the Floor of the Stock Exchange, the Bank declared a PAT of N2.308 billion compared to a loss of N4.252 billion in year 2009 making it the second consecutive quarter that the bank will be reporting profit since year 2006.

 

Meanwhile, Oceanic Bank Plc has projected a PAT of N43.862 billion in its fourth quarter Q4 result ending December 2010. This was contained in the Earning Forecast made available by the Bank to the NSE Monday November 08 2010 in Lagos Nigeria.

 

The Bank also projected a PBT of N60.779 billion and Gross Earnings of N126.364 billion.