billion. In line with its progressive dividend policy, the Bank is recommending the payment of a gross dividend of 95 kobo per share, comprising 70 kobo per share final dividend and 25 kobo per share interim dividend, which was paid out in December 2007.

The Bank's board of directors is also recommending that bonus shares in the proportion of one new share for every eleven shares currently held be issued to shareholders. The recommended dividend and 1-for-11 bonus shares portend growing prosperity for the Bank's shareholders in the foreseeable future.

Close watchers of the nation's capital market note that the Bank's superior financial performance over the years has made it an investors' delight. The Bank's N27.4 billion pre-tax profit for the 2007/2008 financial year represents a 74% growth over the N15.7 billion recorded for last year and is an affirmation of the Bank's growing market share and franchise strength in the industry.

Fast growing Bank PHB has announced a strong financial performance in the third quarter result released to the Nigerian Stock Exchange (NSE) confirming its consistent choice by analysts as one of Nigeria's fastest growing banks.The result showed Bank PHB's nine-month earnings in 2008 is already 52 per cent higher than its 2007 full year earnings while its profit before tax for the same nine-month period surpassed 2007 full year profit before tax by 85 per cent. The result for the nine-month period ending March 31, 2008 showed a strong 167 per cent growth in gross earnings to N55.18 billion compared to N20.71 billion in March 2007.
Also Bank PHB, as it has consistently done in previous quarterly and annual results grew its profit before tax at a higher pace than its earnings, showing that the bank's strong earnings is driven by strong efficiency gains in its operations as well as increasing customer confidence.

Profit before tax for the nine month period stood at N19.03 billion which is 229 per cent higher than the N5.79 billion profit before tax for the corresponding period of March 2007. The bank's profit after tax stood at N14.85 billion, a similar 229 per cent growth on its profit after tax of N4.51 billion in March 2007.

The percentage growth rates shown in Bank PHB's nine month interim results showed it is maintaining its above industry average growth rate. Analysis of the bank's financials last year had shown it growing its earnings and profits at about three times the average growth rate of the Nigerian banking industry.

A statement from the bank quoted the board of directors as being confident that “barring any unforeseen circumstances, this performance would be tremendously surpassed in the remaining period of the financial year.” Bank PHB's nine month interim results already shows it is certain to surpass its forecast profit before and after tax figures for 2008 as contained in its offer prospectus when it approached the capital market with an N85 billion initial public offer.

In the prospectus to the offer, the bank had forecast a profit before tax of N21 billion and profit after tax of N16 billion. The bank's nine month profit before and after tax are just about N2 billion shy of these forecasts showing the bank is set to significantly surpass the forecasts.
The bank's latest financial result is expected to boost its price further even as some financial analysts project the bank's share price to hit N40 per share by the close of its current financial year in June.