Intercontinental Bank Group has posted an unaudited Half Year Profit Before Tax (PBT) of N3.6Billion for the period ended June 31, 2011, pointing to a sustained profitable performance supported by strong recapitalisation strategy.

According to the results released to the Nigerian Stock Exchange (NSE) today, the financial institution ended the period under review with a Profit After Tax (PAT) of N3.3Billion, which represents a 43.5 per cent increase from a profit level of N2.3Billion recorded in June, 2010.

For the period under review, the Group recorded gross earnings of N40.6Billion, while the Bank accounted for N29.93Billion of the total earning for period.

Commenting on the group performance, the Group Managing Director / Chief Executive, Intercontinental Bank Plc, Mr Mahmoud Lai Alabi revealed that the  profit level was driven by adoption of efficient banking operations model, reduction in administrative overheads, among other costs.

Alabi emphasized that the Bank’s recapitalisation plan would be concluded before the September deadline. He revealed that the Bank recorded a huge progress in the transaction by signing the Transaction Implementation Agreement (TIA), and optimistic that the various other milestones would be met before the deadline.

Market analysts, in a chat with our correspondent, commended the half-year performance of the Bank, explaining that the strategy of the Bank towards improving the quality of its risk assets and liquidity paid off as the group reduced its non-performing loans significantly.

Other analysts also noted that the re-engineering efforts of the management team coupled with reinvigorated recapitalisation efforts would definitely bring the much expected fruitful dividend for shareholders and investors at the end of the financial year.