The extensive restructuring programme launched by Oceanic Bank in the last quarter of 2009 has proven effective in driving profitability. The Bank recorded Profit after Tax of N8.24 billion by half year ended 30 June 2010. This is a marked improvement from a Loss after Tax of N40.93 billion as at 31 December 2009.

Over the past six months, Oceanic Bank has made considerable strides in regaining its position among competitors. The Bank has sharpened its focus on the retail end of the market by utilizing its wide branch network to grow deposits while offering a suite of specialized products for other customer segments.

In addition to its aggressive loan recovery plan and cost optimization programme, the Bank, in the course of the year leveraged its extensive branch network, state-of-the-art customer contact centre,and robust Information Technology infrastructure to drive market penetration of its electronic banking products. Together, these have put Oceanic Bank in a strong position for growth. The Bank also continues to benefit from improved corporate governance, enhanced risk management, and tightened internal controls.