Oceanic Bank is Bank of the Year

Like the goldfish which has no hiding place, Oceanic Bank International Plc has again been singled out for its outstanding performance, in the process, clinching the Bank of the Year diadem, this time from the EMEAfinance, a UK based financial intelligence magazine covering Europe, Middle East and Africa.
Organisers of the award adjudged Oceanic winner of the keenly contested 2008 best Bank in Nigeria.

The magazine named Oceanic Bank International Plc as emerging Best Bank in Nigeria 2008 among the hordes of banks nominated for the award at its maiden African Bank Awards Luncheon held in London on Monday.

The bank according to EMEAfinance won the awards on account of robust growth in its asset base, profitability, return on equity, and regional expansion, among others. EMEAfinance is a leading financial intelligence magazine and a reputable information source for the financial services industry in Europe, Middle East and Africa .

The feat achieved by the bank is coming on the heels similar award of Bank of the year won in 2006 and 2007 consecutively, a prize instituted by The Banker magazine, a subsidiary of the Financial Times of London
Speaking at the award ceremony in London , Publisher/CEO of Emeafinance magazine, Christopher Moore described Nigeria ’s banking sector as the most dynamic in Africa . He said, “the story of African banking over the last 12 months has, in some ways, has been the story of Nigeria .”

Declaring Oceanic Bank as an outstanding financial conglomerate with consistent impressive performance record, EMEAfinance noted that: “Our winner of the best bank award, Oceanic Bank, has seen its gross earnings grow by an annual average of 65% every year since 2004. Its assets tripled last year. Profit before tax also more than doubled last year.”
Emeafinance also noted that Oceanic Bank’s shareholders’ funds grew by around seven times last year, while the bank recorded the lowest cost-to-income ratio of its peers, at just 56%, for the period under review.

“Oceanic Bank has expanded its branch network aggressively, from 53 branches in 2004 to 320 business offices as of September 2007. It has accelerated its international expansion, with offices and affiliates open in Ghana and Gambia , and operations opening soon in Liberia , Cameroon , Sierra Leone , Chad and Sudan ,” the leading financial solutions magazine added.
Receiving the award, Oceanic Bank's Managing Director and Chief Executive Officer, Dr. (Mrs.) Cecilia Ibru said the recognition was yet another testimony to Oceanic Bank's consistent impressive performance over the years.

She then dedicated the award to the Bank's staff, noting that their expertise and commitment to excellence and best practices had given the Bank a competitive edge that has made Oceanic a top player in the nation's financial services sector.
"We are grateful to God for this award and I dedicate it to all Oceanic Bank staff. Oceanic remains committed to pioneering innovative changes in the finance sector, and partnering with the government and all sectors in the task of building a stronger Nigeria," she said.

According to Ibru, Oceanic Bank is also working towards creating more jobs in Nigeria to enhance economic empowerment and development. "Oceanic Bank is building lasting structures and devising strategies that will make it possible for many more Nigerians to have access to job opportunities," she added.

It would be recalled that Oceanic Bank posted a profit before tax (PBT) of N52.23 billion, an increase of 127 per cent, in contrast to N23.01 billion posted in the corresponding period of 2007 while gross earning rose by 101 per cent to N150.9 billion as against N74.94 billion made last year, confirming its leadership position in the industry.