First Bank of Nigeria Limited: Nigeria’s Premier Bank and Leading Financial Services Provider which is the commercial banking arm of FBN Holdings Plc, achieved a remarkable half-year (H1) result with a profit before tax (PBT) of ₦188.8 billion.
This figure represents an impressive growth of 214.6 per cent year-on-year (Y/Y), compared to the N60 billion PBT recorded in the same period last year.
According to the results filed at the stock exchange yesterday, First Bank of Nigeria Limited reported a significant increase in gross earnings. The gross earnings surged by 82.4 per cent to reach ₦607.7 billion, marking a substantial growth compared to the ₦333.2 billion recorded in the same comparative period last year.
In the half-year (H1) report, First Bank of Nigeria Limited experienced notable growth in both net interest income and non-interest income.
The leading bank grew its profit after tax (PAT), from 53.3 billion to ₦174.9 billion –228.3 up on Y/Y.
The bank demonstrated strong performance in its total assets, customers’ loans and advances, and customers’ deposits in the reported period. The total assets witnessed a significant rise of 34.8 per cent, reaching ₦13.6 trillion. Customers’ loans and advances experienced robust growth, reaching N5.2 trillion, representing a remarkable 40 per cent increase.
Moreover, customers’ deposits also showed impressive growth, standing at ₦8.8 trillion, reflecting a substantial 27 per cent rise compared to the end of last year. These figures indicate a positive trajectory for the bank’s financial health and business activities.
Its operating cost moved slightly to N222 billion, from N178 billion recorded in the comparative period.
The group’s PAT grew by 231.1 per cent to N187.2 billion in the period. The total assets of the group also went up 34 per cent to N14.177 trillion.
“The result reflects the continued positive impact of our strategy and the tremendous progress that we have made in growing.”
Adesola also described the result as highlighting the resilience of the business model, customer relationships, and institutional capabilities.
“While the uncertainties in the macroeconomic and operating environment persist, I am confident that our purpose-driven strategy remains the right one and that our strong financial performance, alongside our business model and resilient portfolios, positions the Group well to continue to provide the required support to our customers as well as create robust and sustainable value to our shareholders.
“Given our extensive and diversified customer base of over 42 million customer accounts, our digital technology-enabled processing capabilities that ensure we process over 12% of the industry’s payment volume, our future-proof and cutting-edge digital banking platforms with over 22 million users that enable us to process more than 95 per cent of customer-induced transactions on digital channels, the robustness of our balance sheet, and our institutionalised risk management culture and capabilities, we see a resilient franchise today and into the future.”
Recall that it won the “best bank in Nigeria” award for reinventing digital channels.
In acknowledgment of its pioneering efforts in advancing financial inclusion in Nigeria, the bank received the prestigious Best Bank in Nigeria 2022 award.
Through its leadership role, the bank has played a crucial part in positively impacting lives and driving economic growth by empowering businesses across the nation.
This recognition highlights the institution’s unwavering commitment to fostering financial accessibility and enhancing the overall well-being of individuals and businesses in the country.
