First Bank Bags N 24.5 billion Profit on N 92 billion Q1, 2012 Earnings

Industry behemoth, First Bank continued its tradition of excellence, recording over N 92 billion in Earnings in Q1, 2012, up 42% from the N 64.7 billion it made over Q1, 2011.

The bank also saw net interest income swell by 55% to N 60.5 billion from N 38.9 billion over the same period in the preceding year.

There was a 20% increase in provision for bad debts, which was N 5.42 billion over the first quarter of the year as opposed to N 4.57 billion over the same period in the preceding year.

Profit before tax swelled 102% to N 28.85 billion from N 14.31 billion in Q1, 2011.

Net Income was N 24.5 billion, also up 102% from N 12 billion in the preceding year.

Commenting on the results, Bisi Onasanya, Group Managing Director of FirstBank said:

“It is pleasing to see FirstBank continue to build on its performance and deliver a solid set of results for the first quarter of this year and adequately position the Group to achieve the full year 2012 targets. This quarter we were able to grow income lines across the board and expect to see this continue through the course of the year.

Our aim is to drive income aggressively over the year by rebalancing our asset mix toward higher yielding assets, expand business volumes by providing bespoke products across our various customer segments and sustaining efficient services to customers. Progress against this can be seen in the continued expansion in asset yields as well as non-interest income.

The Group continues to focus on increasing efficiency; we have significantly reduced our cost to serving our customers by over 15% over the course of the past year, as transaction volumes grow at a higher rate than expenditure. We envisage further reduction in our cost to income ratio as the full impact of our transformation strategy become evident.”

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