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 Gross earnings: N89.4 billion versus N129.7 billion in 2009 comparative period due to drop in interest income and other income

 Interest income: N74.4 billion versus N101.8 billion as a result of the major reduction in interest rates and volume of interbank placements in
the two periods

 Interest expense: N39.5 billion, down 24% from N52.0 billion, reflecting the Central Bank of Nigeria's efforts at reducing interest rates and
Oceanic Bank's success in lowering the cost of customer deposits and improving its deposit mix. As a consequence, average Primary Cost of
Funds for the 9 months ended Sept 2010 was 5.21% , down from 11.29% in the 2009 comparative period

 Net interest income: N34.9 billion versus N49.9 billion due to lower interest income

 Non-Interest income: N15.1 billion, versus N27.9 billion as a consequence of reduction in credit related fees and other fees that are normally
driven by the granting of new loans

 Operating expenses: N51.4 billion, down 29% from N72. 2 billion due to staff rationalization at the end of 2009 and other cost cutting
measures taken by Management

 Provision write-backs: N14.5 billion written back as against provisions expense of N93.7 billion in 2009

 Profit before Tax: N13.1 billion compared to Loss before Tax of N88.4 billion

 Profit after Tax: N10.4 billion in contrast to Loss after Tax of N68.4 billion

 Basic Earnings Per Share: 47k versus loss per share of 308k

 Non-performing loans to Total Loans and Advances: 69%; dropped from 73%

 Customer deposits: N644.5billion as at September 30, 2010, up 15.8% from N556. 8 billion as at December 31, 2009

 Loans & Advances plus advances under finance lease: N420.2 billion as at September 30, 2010, up 7.5% from N391.0 billion as at December
31, 2009

Management Commentary

On October 29, 2010, Oceanic Bank International PLC (BLOOMBERG: OCEANIC NL; NSE: OCEANIC; REUTERS: OCBK.LG) or “the Bank” reported its
unaudited third quarter results for the 9-month period ended September 30, 2010.

The latest results, which show a significant improvement in Oceanic Bank's bottom line over the comparative period in 2009, were greatly boosted
by low cost of funds (on the back of the drop in interest rates in Q2 2010), improved revenue-expense ratio (mainly due to staff rationalisation at the
end of 2009) and the write-back of impairment losses on Loans and Advances.

As at the end of the third quarter, the Group has written back N14.8bn, while cumulative recoveries on September 30 year-to-date (YTD) were

In the 9-month period under review, the Bank's deposit book grew by 15% to close at N626 billion, primarily due to sustained customer loyalty, the
resilience of the Oceanic Brand, excellent customer service and the effectiveness of its 375-branch network.

During the period, Fitch Ratings upgraded the Bank's individual rating from “F” to “E”.

In the 3rd quarter, Oceanic Bank held its first interactive session with shareholders to apprise them of milestones achieved in its turnaround program
and options being explored by its Board to recapitalize the institution. Shareholders voiced their support for the Bank's demonstration of
transparency and responsibility, and engaged the Bank's Board and Management in a frank exchange of ideas over its future.

Commenting on the results, John Aboh, Chief Executive Officer said:

Our turnaround program continues to yield good results; we are keeping operating costs in check, pursuing NPL recoveries aggressively and
focusing on risk management. If you look at the underlying business of Oceanic Bank, what you find is a solid institution with a resilient brand,
committed workforce and loyal customers. This is our winning formula.

Sharing her outlook for the 4th quarter, Oyinkan Adewale, Executive Director/Chief Financial Officer said :

Following the recent court ruling, we look forward to receiving a major boost to the Bank's liquidity from AMCON. With the resolution of
insider-related NPLs, we expect a massive improvement in the Bank's NPL ratio from 69% (end Qtr 3) to about 50% and we look forward to
deploying the proceeds to optimise our cost of funds.

Media Contact Investor Contact

Bethel Obioma Obi Tabansi Onyeaso
08023439866 08034371224;

About Oceanic Bank

Oceanic Bank International Plc is one of Nigeria’s foremost financial services institutions. The Bank was incorporated on March 26, 1990 under the
Companies & Allied Matters Act (1990) of Nigeria as a private limited liability company and was granted a commercial banking license on April 10
1990. Oceanic Bank opened for business on June 12, 1990. On June 4, 2004, the Bank converted to a public liability company and its shares began
trading on the Nigerian Stock Exchange on June 25, 2004. Twenty years after it first opened for business, Oceanic Bank serves customers spread
across all tiers of government, corporates, small & medium enterprises and individuals. Today, the Bank, whose success has been built on providing
excellent services in a friendly environment through professional staff leveraging on the right technology, manages assets of over N889.83 billion.
With a strong presence in asset management, commercial banking, health management, insurance, investment banking, pensions, registrar
services, Savings & Loans and trustee services as well as over 370 business offices spread across Nigeria, Cameroun, the Gambia and São Tomé &
Príncipe, Oceanic Bank is one of the most recognized financial services brands in West Africa.

Forward Looking Statements

This Analyst Handout may contain forward-looking statements which reflect Oceanic Bank International PLC's current views with respect to, among
other things, the Bank's operations and financial performance. These forward-looking statements may be identified by the use of words such as
'outlook,' 'believes,' 'expects, 'potential,' 'continues,' 'may,' 'will,' 'should,' 'seeks,' 'approximately,' 'predicts,' 'intends,' 'plans,' 'estimates,'
'anticipates' or the negative version of these words or other comparable words. Such forward-looking statements are subject to various risks and
uncertainties. Accordingly, there are or will be important factors that could cause actual outcomes or results to differ materially from those indicated
in these statements. Oceanic Bank believes these factors include but are not limited to those described in its Annual Report for the fiscal year ended
December 31, 2009. These factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements
that are included in this release. Oceanic Bank International undertakes no obligation to publicly update or review any forward-looking statement,
whether as a result of new information, future developments or otherwise.