Oceanic Bank Plc declared its quarter 3 result as follows -

Gross Earnings - N46.83bn

Loan Provisions - (N315.115)bn

Loss before Tax - (N400.9)bn

Tax Credit - 114.864bn

Loss after Tax - (N286.04)bn

Net Assets - (N69.20)bn

With this results, the following can be deduced -

The bank made just N46.83bn in 9months to September 2009. (against N112.265bn declared as at 2008)

Provision for loan losses of N315.115bn aginst provisons of N1.16bn made in 2008

Net Asset of (N69.20bn) against N254.406bn as at september 2008.

Means the Bank is

technically insolvent

its going concern is threatened unless cash injections

shareholders investments gone down the drain unless the huge provisioons can be realised back. (wat has EFCC now recovered after all the hullaballooo of going after debtors done to help the banks?)

This is food for thot as other bailed out banks too have been asked to publish the results. this week is going to really be a week of bank results that will only erode confidence the more. . . . . . . . . investments don enter water fa

Na wa oh. All my shares

If I have been selling pure water with my money I know how much I would have make. Truly Oceanic, all money in the ocean.

Oceanic Bank- Experience Peace

I wonder the kind of peace this piece of information will bring.

If not for Sanusi, the Bank probably would have gone bankrupt.

de ting wey remain now na to look for more investors and capital. de bank dey actually quite attractive and dem go surely make money in de future. i know say i go follow buy shares to recapitalize dis bank. sanusi don drive out all de barawos.

i suspect say cecelia ibru alone dey owe dis bank up to N35billion, and as soon as efcc finish with her, she go vomit de money and dat go improve de financial position of de bank sef.

we dey wait for public offering, asap.