In its half-year (H1) result, First Bank of Nigeria Limited, the commercial banking division of FBN Holdings Plc, reported a profit before tax (PBT) of 188.8 billion, an increase of 214.6 percent year over year (Y/Y).
It posted N60 billion over the comparable quarter of last year.
According to the figures submitted to the stock exchange yesterday, its gross earnings increased by 82.4% to $607.7 billion from the $333.2 billion reported in the comparable period the previous year.
Its non-interest income was $229 billion, up 112% from the H1 2017 total of $108.1 billion. Net interest income increased by 52.1% to reach $232.6 billion.
The largest bank increased its profit after tax (PAT) by 228.3 percent year over year, from 53.3 billion to 174.9 billion.
Additionally, its total assets increased by 34.8% to N5.2 trillion, while client loans and advances increased by 40% to reach N13.6 trillion. Deposits from customers totaled 8.8 trillion, up 27% from where they were at the end of the previous year.
Its operational costs increased somewhat from the comparative period’s N178 billion to N222 billion.
PAT for the group increased by 231.1% to N187.2 billion over that time. The group’s overall assets increased 34% to N14.177 trillion.
Chief Executive Officer of FirstBank Commercial Banking Group Dr. Adesola Adeduntan commented on the findings and 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% 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.”
