Oceanic Bank Sets Aside A Whooping N315 Billion For Bad Loans

SACKED MD OF OCEANIC BANK, CECILIA IBRU.

Lagos (THEWILL) - Nigeria's Oceanic Bank Plc, one of the nine beneficiaries of government’s bailout has said it is setting aside N315 billion naira for bad loans in its nine months filing compared with N1.2 billion which it reported last year, according to a filing at the stock exchange.

The bank swung to a pre-tax loss N400.9 billion naira about $2.7 billion dollars for the months ending in September compared with a profit of N36.52 billion naira reported for the same period in 2008.

Gross earnings for the bank was also down 58% to N46.83 billion naira.

Oceanic's common stock was down 4.84% closing at N1.77 at the end of trading on Thursday.