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OCEANICBANK PLC DECLARED FIRST AND SECOND QUARTER RESULT FOR PERIOD ENDING 30-06-2009
The company presented its first quarter result for the year ended 31st March 2009. Turnover increased by 45.17% to =N=45.16 bln from =N=31.11 bln while PAT increased by 5.44 % to =N=9.32 bln from =N= 8.84 bln in the comparable period. NPM reduced by 27.37% from 28.43% to 20.65%.
The bank also presented its second quarter result for the year ended 30th June 2009. Turnover increased by 39.66% to =N=92.83 bln from =N=66.47 bln while PAT reduced by 29.10 % to =N=14.39 bln from =N= 20.3 bln in the comparable period. NPM reduced by 49.23% from 30.54% to 15.5%.
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| Displaying 10 Latest Comments |
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mR Bob Ehidiamhen |
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this result they are declearing it is for real becouse i see no reasons why after declearing all the huge profit at the end no bonus no dividend,yet they are making a hell of profit as they claims.i can remenber when last they give shareholders benefits.I just hope this one get to them so that they should stope giving us crap,and face reality for once
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2009-08-01 16:20:50 |
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PRINCE ADESEGUN B. OYESANYA |
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IS OCEANIC BANK A FAMILY BUSINESS OR A PUBLIC LIMIMITED COMPANY? I NEED CLARIFICATION ON THIS BECAUSE PURPORTED YIELDS PRESENTED ON THE NEWS PRINTS QUARTERS AFTER QUARTERS WERE NEVER TRANSFORMED INTO STOCKHOLDERS BENEFITS! FOR EXAMPLE, I PURCHASED UBA AND OCEANIC IPO ON THE SAME DATE, AND HAVE RECEIVED THREE (3) DIVIDENDS CUM TWO (2) BONUS SHARES FROM UBA, BUT TILL DATE, HAVE NOT RECEIVED ANY BENEFITS FROM MY INVESTMENT IN OCEANIC BANK PLC. THIS IS OUTRAGEOUS!! IT MAKES ME BELIEVE THAT THE MANAGEMENT IS REPEATEDLY PRESENTING COOKED BOOKS TO THE PUBLIC. I TEND TO BELIEVE TOO, THAT THE COMPANY IS ONE OF THE PURPORTED 'SICK' BANKS IN NIGERIA. IF THIS IS TRUE, SHAREHOLDERS SHOULD WASTE NO TIME IN GETTING THE BANK MERGED WITH ONE OF THE PROFIT-ORIENTED AND 'CLEAN-HAND' BANKS IN NIGERIA, SUCH LIKE: FIRSTBANK, UBA, OR UBN. IN THE ALTERNATIVE, WE SHOULD GIVE IT UP FOR GRAB TO FOREIGN INVESTORS. IT HAS BEEN SHAME TO THE MANAGEMENT OF OCEANIC BANK ALL THE WAY AND SHAMEFACEDLY, SHOULD ALL BE SACKED WITH IGNOMINY!!!
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2009-08-01 19:51:52 |
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Simeon Odesanya |
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Oceanic bank is a huge dissappointment.They made a provision of over 41billion naira on margin loans.That is where all the money we invested on the IPO went.The rest of the money goes to bogus staff renumerations and constant media adverts used in deceiving the people.I invested over 5million naira on a bank that is poorly managed and has no value.I implore the CBN to look closer at this family run bank and rescue the investing public .
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2009-08-01 20:35:07 |
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Ola Joseph |
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Oceanic Bank is a Bank "we love to hate and we hate to love". Why this statement? a cursory look at the media gimmick this family financial power house communicate to us always show a Bank with a dynamic management ready to put smiles on the face of its investors but which always ends up making investors weary.
Who are those that got the margin account? Who approved the advance of this huge facility (N49Billion)? What collateral did they bring forward before approval was giving? And who has been sanctioned for the bad decision? Can Madam Cecilia and her incompetent Executive Directors answer these questions?
This is because, if I small shareholder request for margin loan, I will be asked to bring my father, mother and immediate family before the loan can be secured. My place of work will have to guarantee me; one person that earns more income than me will have to satisfy that I won’t run a way. And if God makes it impossible by Commission or Omission for me to make a late monthly repayment as agreed for the margin loan I will be charged extra even if it is for a day. Also, C.O.T will be collected aside the interest and management fees I have paid making me pay about 35% on top of the actual loan.
So who is Madam Ibru deceiving? CBN should ask all these Banks to disclose who and who got the loan? Who approved them? What did bring to the table before the approval, how much do they still own to date? And, who have they sanctioned for the bad business decision made if any.
Let it be known that, very soon some of us will start going to court to ask questions and seek for our rights, as we cannot just be ripped-off by deceitful and fraudulent cabals in the name of Bad Management Decisions. The present first and second quarter results posted by Oceanic Bank must translate into profitable returns and not paper profits for investors.
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2009-08-02 14:07:10 |
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Obynowise |
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I wonder all dis kinda PROFIT BEFORE SHAREHOLDERS OR PROFIT AFTER IBURU
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2009-08-03 14:32:04 |
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John M. |
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Oceanic Bank's unwillingness/inability to pay even a pittance as dividends to shareholders is tantamount to gross misconduct, negligence and callousness towards shareholders, How can you rationalize overpaying lousy employees and neglecting shareholders that plunged their hard earned money (salaries, sale of valuable belongings etc) into the bank? Other banks (First Bank, Zenith) made provisions for losses and equally paid dividends.
Personally having lost over 75% of initial investment in Oceanic bank shares, even a stipend in the name of dividend in their released results would have eased my fury. The bonus issue of 1 for 10 is inimical because the value of Oceanic bank shares are almost worthless and cannot even be sold!
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2009-08-04 15:11:25 |
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Alabi O. Edward |
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This is daylight robbery! In this period of economic meltdown when companies are looking for ways to placate their shareholders by giving reasonable dividend alongside bonuses, lousy Oceanic can only manage 1 for 10 bonus without dividend. This is just a prove of the insensitivity of the so called management of the bank to the plight of shareholders whose hard earned money invested into the stock has been watered down to nothing. Perhaps they should come out and explain to the investing public who and who are the beneficiaries of the margin loan. Unfortunately, we live in an environment where some people are above board and untouchable. This, like any other cooperate mismanagement will pass away without any of the regulatory bodies chiding Madam Ibru and her cohorts for their misdeeds.
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2009-08-05 18:37:10 |
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Doyin Kaumus |
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You all are behaving like financial illiterates.The fact that a bank makes provision of 41billion does not mean that the money is gone.Provisions are statutory and internatinal financial standard requirement to show prudency.Although most of the loans are collaterised by shares whose value have depreciated,A whole chunk of the money are still recoverable without any recourse to the depreciated shares.The provision even includes those loans that are performing(normally 1% provision).
It is also very sad that because of personal losses,revenge is being sort!The financial statements were audited by Pricewaterhouse cCopers and approved by CBN.So it is mere sentiments to say that the financials were cooked without providing any evidence but just relying on the usual bandwagon effect.
Also bonuses are a form of dividend for who so ever cares to be informed.Dividend musty not always be in cash and in this global crises era,that is the most prudent way to go.
Also be informed that banks don not lend money to customers from share capital! Money lent out are from customer's deposits and not investors capital!
Please be informed and stop causing unnecssary panic in the system.
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2009-08-06 17:26:13 |
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charles olu |
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Responding to Doyin Kamus, I think to suggest that other commentators are financial illiterates is a great insult to the concerned shareholders of Oceanic bank. I do not know how much this commentator knows about the banking and finance and the capital market operations, but her analysis though reasonable, if we assume she work's for the bank or its beneficiaries, however sound absurd and unintelligible if we look at it from the perspective of investors who put their hard earned monies in stocks with a view to profit. I think Doyin ought to understand that people invests for different reasons and motives. I am an investor in Oceanic bank as well. We have all seen the bank engage in several ill –motivated philanthropic ventures, self and family name promotion and all kinds’ non-banking related stuff over the years, all at the expense of the investors that genuinely intend to profit or earn income from their investments . I sometimes think the bank is more of a non-profit, social or ego motivated organization. More so, when you compare this bank’s performance with others in the Industry – GTB, FBN, Zenith, UBA etc. you will agree with me that these aggrieved shareholders are rational and economically wiser the likes of Doyin, who think that the rest of us are illiterates. Please let us freely express our frustrations and disappointments to the management of Oceanic bank, because they have simply been a dismal failure comparative to their benchmarks.
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2009-08-07 16:19:43 |
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