Bank PHB Nets N10.28 Bilion Profits, Assets Hit N480B

In a major breakthrough, Bank PHB at the weekend declared a profit before tax of N10.28 billion and total assets of N480 billion for the financial year ended June 30, 2007.
The records show that, the bank is growing three times faster than the average growth rate of the banking sector. The bank's financial results are being declared on the heels of its share price, which has made a capital gain of about 271 per cent since its last financial year end in June 2006 and about 400 per cent since its listing in December 2005 at N1.95 per share.

The bank's financial results also show in both earnings and profits more than doubling within the period.

Ahead of the expected release of the bank's result, its share price which had slipped from its year high of N30 last week in the grip of the general bearish trend in the market had regained its upward swing, closing at N31 per share last Friday. The bank's share price has made a capital gain of 231 percent this year alone.

Details of the financial results released at the weekend show that the bank's gross earnings, made up of both interest and non interest income, increased by 172 per cent to N36 billion in June 2007 from N13 billion in the corresponding period of 2006. Core income made up of interest earnings formed the greater part of earnings about 52 per cent of gross earnings, while non interest-fee based income made up the balance of Bank PHB's earnings.
Growth in the financial firm's profit before tax shows a profit before tax of N10.28 billion representing an increase of 192 per cent over the profit before tax of N3.52 billion in June 2006. Profit after tax at N7.75 billion was 217 per cent higher than the N2.45 billion within the same period.

The bank's growth has resulted in higher earnings per share, which at 119 kobo is a 644 per cent increase on 16 kobo in 2006. The bank's manifested board of directors is proposing a cash dividend of 70 kobo per share, 977 per cent higher than 6.5 kobo paid in 2006.
Total assets and contingents at N480 billion represents an increase of 155 per cent over N188 billion in 2006.

sourced from The Nigerian Guardian newspaper (Tuesday 25th September 2007)