Nigeria-based Oceanic Bank, one of the nine
banks who received a bail-out in 2009, is expecting growth and
profitability to sustain in 2011 and beyond.
The group managing director and chief
executive, John Aboh, said that the bank’s liquidity ratio met the
level of 25% required by the Central Bank of Nigeria (CBN).
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He added that deposits grew by 15% to over
NGN630bn.
The announcement came after the bank sold
parts of its non-performing loans to the Nigerian Asset Managemetn
Corporation (AMCOM) in exchange for bonds worth about NGN200
Billion.
Around NGN620bn was injected into nine
Nigerian banks – Afribank, Bank PHB, Equatorial Trust Bank,
Finbank, Intercontinental, Oceanic Bank, Spring Bank, Union Bank
and Wema – by the central bank in 2009.
The bank was one of Nigeria’s 25 big banks to
agree on a bail-out fund for future crises on 17 January.
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By GlobalDataAll 25 banks will finance the The Banking
Sector Resolution Cost Sinking Fund throughout the next decade,
with the CBN paying in NGN50bn annually and each bank contributing
0.3% of its asset base.
The fund is to supplement the resources of
AMCON, which was set up to purchase bad debt of banks.
