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IBTC Chartered & Fidelity Bank announce results


February 13, 2007/ Punch



<P>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.</P>
<P>According to bankÃÃâ€


’¢â‚¬â„¢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.</P>
<P>The IBTC GroupÃÃâ€


’¢â‚¬â„¢s profit before tax for the nine months also increased by 74 per cent, from N3.67bn in 2005 to N6.4bn in 2006.</P>


<P>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.</P>
<P>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.</P>


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


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


<P>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.<SPAN style=\"FONT-SIZE: 10pt; COLOR: #dcdcdc\"><I>- Punch</I></SPAN></P>

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