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First Bank’s 3Q Profit of N66.3 billion is Industry Highest

By on October 31, 2012

Iconic First Bank HQ in Marina

First Bank, the third largest lender in Nigeria according to Market valuation statistics has transmitted its third quarter earnings to the Nigerian Stock Exchange.

The bank reported a 19% growth in gross earnings which were N267.7 billion, as against N225 billion it recorded over the same period last year.

Interest income was primarily responsible for the growth in earnings as the bank took reported N205 billion in this revenue centre as against N163 billion made over the same period last year, representing a 25% growth.

Impairment charges fell 66% from N35 billion after 3Q, 2011 to N11.9 billion at the end of last September.

Profit before tax was N75.7 billion, up 48% from the N51 billion it made over the corresponding period in the previous year.

Net income arrived at N66.25 billion, up 48% from the N44.6 billion it made after 3Q 2011.

Lending was up 22.5% to N1.5 trillion, as against the N1.24 trillion it extened over the similar period in 2011.

2 Comments

  1. Sulaiman

    October 31, 2012 at 9:01 am

    Which banks are the highest lenders if First Bank is third? Third in which parameter?

  2. chinedu

    November 1, 2012 at 9:35 am

    Third lender as if there workable statistics in 9ja