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Intercontinental Bank Opens 40 New Branches This Month! More Jobs?

Intcontinental Bank is to open 40 new branches nationwide this April (despite the global wahala). I think this is a good omen for job seekers. Let us keep our fingers crossed.

Pls, be ready to submitt your CV to this bank at the slightest opportunity.

I just missed an opportunity to submitt mine in Kaduna here, though I didnt know on time. They stopped collecting CV last week.

What do you think, house?

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Just in case you are in doubt of what i just posted, here is an article from Businnes day Friday edition. read and decide for yourself.

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Home News Intercontinental saves N1bn monthly from 30% pay cut

Intercontinental saves N1bn monthly from 30% pay cut

Friday, 10 April 2009 00:04 Hope Moses-Ashike

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Intercontinental Bank plc is expected to rake in about N1 billion monthly from the 30 percent pay cut of its staff. The action is in response to challenges being faced by the bank in recent times, according to analysts from Renaissance Capital (RenCap), a renounced global investment group and financial analysts based in London.

With the recent uncertainties pervading the banking industry, the bank had to subject its books to external independent scrutiny, said RenCap which observed that the cost base of the bank has increased three folds in the last two years alone.

Specifically, the report noted that between 2006 and 2008, it has grown from N22 billion to N72 billion over this period.

Between February 2006 and February 2009, the report further estimated that the bank’s cost base increased at a Compound Annual Growth Rate (CAGR) of 65 percent yearly, making it to have a cost base of over NGN100 billion Erastus Akingbola, MD, Intercontinental Bank

this year.

The report from the investment analysts noted that historically, the growth in the bank’s cost base has not been a problem because its income growth has been stronger, up 69 percent yearly over the past three years (2006 - 2009).

They further noted, however, that in the bank’s financial year 2010, its challenge will be to deliver strong profit growth in an environment of high loan loss provisions, for instance 60 percent year-on-year (YoY) and strong cost growth (20 percent YoY). In this scenario, with all other things being held constant, the report said the bank has to deliver income growth of 18 percent YoY for its profit before tax (PBT) growth to be flat year on year.

The report commended the management of the bank for the appropriate response to these challenges through the salary cut, adding that it will fetch the bank about N1 billion monthly.

“We are very encouraged that ICB recognises the challenges that its cost base presents and has taken the following steps:

*introduced a performance pay structure. Staff costs have become the largest component of ICB’s cost base over the past three years and now represent 54 percent of total costs, up from 41 percent of total in 2006. To reduce these costs, management has introduced a performance-based pay structure that has reduced salaries by 30 percent on a monthly basis. The remaining 30 percent is being paid out to employees on a quarterly basis when all their objectives are being met. The monthly savings are in the region of N1 billion.

*reduced overhead costs. ICB has set-up a strategic sourcing unit with the purpose of reducing overheads by capitalising on economies of scale to obtain lower prices/costs for supplies to the bank

*maintained cost target. For the next fiscal year, management has said it wants to limit its cost base to 35 percent of this year’s gross income. Based on our 2009 estimate for gross income, ICB’s cost base in 2010 should be around N81 billion, 20 percent lower than our 2009 estimate of its cost base (N101 billion),” RenCap said.

Author of this article: Hope Moses-Ashike

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This is what makes me sick about Nigerians, very unreliable set of liars. This guy is giving false hope to prospective job seekers when he actually knows that the bank is in financial mess. Several Nigerian daily newspaper just reported 2 days ago that Intercontinental bank is cutting their staff pay by 30% and they are reducing operational cost by as much as 25%. They have a NGN90Biliion bad loans to deal with, that is representing about 12% of the total bad loans by the entire Nigerian banking systems. PLEASE KNOW EXACTLY WHAT YOU ARE TALKING ABOUT B/4 POSTING. YOUR RELIABLE SOURCE IS FREAKING LIAR.

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It is true that Intercontinental has opened 40 branches. You guys just have to take my word for it. Trust me, my source is extremely reliable. For those badmouthing the bank, read the banks financial and global rating and you'd understand why the bank is still the strongest in Nigeria inspite of the demarketing. They will continue to recruit and we'll get there God willing.

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Good news is always good, it certainly helps 2 know and find out its a scam than not to know and lose out eventually. Guys, put the info 2 whatever use u want to put it 2, that's ur prerogative. thanks for the awareness though! stay blest all.

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Intercontinental Bank plc is expected to rake in about N1 billion monthly from the 30 percent pay cut of its staff. The action is in response to challenges being faced by the bank in recent times, according to analysts from Renaissance Capital (RenCap), a renounced global investment group and financial analysts based in London.

With the recent uncertainties pervading the banking industry, the bank had to subject its books to external independent scrutiny, said RenCap which observed that the cost base of the bank has increased three folds in the last two years alone.

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Please can u tell us which of their EDs u spoke with, atleast EDs are not common and are not in branches (check any bank out to confirm dat) so we can actually confirm ur claim. It will be very silly for anyone to lie about new branches because they are physical things u can see and confirm and I actually saw one. I was in Lagos last week and I noticed they've oppened a new branch in Satelite Town (atleast u can confirm dat). So please do not discourage odas if u feel discouraged already.

We all hear dis advert and we know exactly dat it is promo. U dont need to try so hard to push ur point. If u have never heard of promo before, u can check it up. So u never heard of other stuff that could be won like cars (2)? all ur ear could pick up was bike! are u already thinking like dat? U are certainly biased and its so disgusting! hushhh!

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na wao, banking has taken anoda dimension.

They are now taking their lies beyond the books.

this is serious

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hey house can any one pls tell me if oceanic bank has started notifying succesful candidate who wrote the last aptitude test in benin. thank you all

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i can tell you from a reliable source that IBPLC kaduna branches are collecting CVs. i got the info on opening vancacies cos of the massive expansion of the bank. they just opened some 35 new branches and they would certainly need staffs. please keep abreast with the openings. it's done in regions.

Please never mind those failures who are saying ill of the bank, they would jump at every opportunity to work in IBPLC. dont be decieved. they are demarketers who had failed in life- probably those old generation bankers that are afraid of newer generations beating them to the game. anyway, it's not a matter of years, an old fool remains an old fool

IBPLC remains committed to giving the younger generation a chance to work with them- why dont you take advantage of the opportunity to work with IBPLC

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are u minding the liars, one minute they're increasing minimum balance, next they're reducing it and asking you to bring 20,000 to win motorcycle, if that's not the sign of a failing bank, I don't know what is.

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Plz stop ur speculations intercontinental is nt building any 40 branches bunch of liarssss

All those that have commented on this thread so far must be IBPlc stafffssss anoda marketing technique, make una shurrrup

I just spoke with the ED in one of your branches.

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