First Bank of Nigeria Limited, the commercial banking arm of FBN Holdings Plc, posted a profit before tax (PBT) of ₦188.8 billion in its half-year (H1) result, a growth of 214.6 per cent year-on-year (Y/Y).
In last year’s comparative period, it posted N60 billion.
Its gross earnings, according to the results filed at the stock exchange yesterday, was up 82.4 per cent to ₦607.7 billion compared to ₦333.2 billion posted in the comparative period last year.
Its net interest income rose 52.1 per cent to ₦232.6 billion while non-interest income stood at ₦229 billion, 112 per cent up from 108.1 billion recorded last year’s H1.
The premier bank grew its profit after tax (PAT) from 53.3 billion to ₦174.9 billion –228.3 up on Y/Y.
Its total assets also rose by 34.8 per cent to ₦13.6 trillion just as customers’ loans and advances saw a growth of 40 per cent to hit N5.2 trillion. Customers’ deposits stood at ₦8.8 trillion, up 27 per cent compared to what it was at the end of last year.
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.
Commenting on the results, Chief Executive Officer of FirstBank Commercial Banking Group, Dr. Adesola Adeduntan, said: “In the first half of 2023, FirstBank Group delivered the strongest financial performance in the almost 130 years of the Bank’s history; with solid business momentum, increased revenue, and excellent returns. The result reflects the continued positive impact of our strategy and the tremendous progress that we have made in growing and transforminCommenting on the results. The result also highlights the resilience of our 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.”
