IBTC Chartered Bank Plc on Tuesday announced an 87 per cent growth in group profit after tax for the nine-month period ended December 31, 2006.

According to bank’s unaudited results released in Lagos to the Nigerian Stock Exchange, net income rose from N2.56bn during the nine-month period ended December 31, 2005 to N4.8bn during the similar period ended on December 31, 2006.

The IBTC Group’s profit before tax for the nine months also increased by 74 per cent, from N3.67bn in 2005 to N6.4bn in 2006.

The bank also showed strong performance in its gross earnings, which rose by a remarkable 170 per cent to N16.63bn, up from N6.15bn in the year ago period.

Market analysts predicted that going by this result, the shareholders of IBTC could look forward to enhanced returns by the end of their financial year on March 31, 2007.

IBTC is a universal bank that offers corporate and investment banking, asset management, private banking and comprehensive retail banking services.

Recently, IBTC has been engaged in merger talks with Stanbic Bank Nigeria Limited and Standard Bank of South Africa, which could result in the creation of a new strong brand in the financial services sector.

Similarly, Fidelity Bank Nigeria Plc, said its first-half profit more than doubled as revenue rose by nearly 28 per cent.

Net income in the six months ended December 31, 2006, rose to N1.9bn, up from N800m a year earlier, the bank said on Tuesday in a statement on the web site of the Nigerian Stock Exchange. Revenue advanced 24 per cent to N10.3bn, up from N8.3bn previously, it said.- Punch