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First Bank Profit After Tax up 32%

By on October 13, 2011

First Bank plc has declared a profit after tax of N 42.9 billion for the 3rd Quarter period ended 30th September 2011. This was a 32% increase of PAT over the same period last year.

Earnings before tax also grew 20.4% to N 49 Billion from N 41 Billion last year.

Total Non Performing Loans and Advances fell 9% over the 9 months period ended last year.

The banks share price is currently trading at N 9.00.

Reacting to the result, the Group Managing Director, Bisi Onasanya, said: “In conditions which presented both opportunities and challenges, FirstBank turned in very satisfying results, signifying the robustness and resilience of our business model. Our operating income grew 38 per cent over the prior year period, benefitting from a higher interest rate environment, rising contribution from non-interest revenue and a deliberate focus on optimising our assets.”