Nigeria's Intercontinental Bank said on Friday its first quarter pre-tax profit dropped to 196 million naira from 1.81 billion naira a year ago.

Intercontinental's gross earnings for the period rose to 23.3 billion naira from 19.6 billion naira a year earlier, the bank said in a filing to the Nigerian Stock Exchange.

The bank, one of the nine lenders rescued in a $4 billion bailout by the central bank last year, had earlier reported a 238 billion naira pre-tax loss for the 10 months to December 2009.

Reuters

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