What is the level of the Central Bank of Nigeria’s
involvement in First Bank?
The central bank’s involvement in FirstBank is essentially
about playing the role of the regulator. CBN’s intervention has been in the
best interest of the bank’s stakeholders and its performance; aimed at
restoring confidence in the bank as well as to reassure the depositors,
creditors and other stakeholders of the bank of its commitment to ensuring the
stability of the financial system.
Your third quarter results saw a decline in some of the key
indicators such as gross earnings, profit before tax and profit after tax, what
was responsible for this?
The Commercial Banking reported a resilient performance
resulting in a Profit before Tax of N44.3billion for the nine months period
ended September 30, 2021. This result was delivered in a sustained low yield
environment, which continues to compress margins as the macro-economic
environment remained challenging amidst the negative impacts of the COVID-19
pandemic.
FirstBank’s focus on putting the customers first continues
to be a driving force as we keep supporting our customers in meeting their
business needs. The evidence of this support is reflected in the 24.1% y-t-d
growth in the loan book, underpinned by solid risk management practices and
from which sustainable good quality earnings are being delivered as asset
quality remains firmly under control. Furthermore, in our concerted efforts at
sustaining our dominance in financial inclusion and digital banking, we
continue to record growths in our agent banking business, supporting the 17.5
per cent growth in non-interest income.
We remain determined to continue strengthening our
capabilities across our footprints, as we are confident that our investment in
technology and the strong balance sheet, which the Group has built over the
last six years, will provide the solid platform for more impressive results
into the future.
The CBN recently introduced the eNaira, what has been the
acceptance rate by FirstBank’s customers, and do you think this will positively
impact your bank?
The Central Bank of Nigeria (CBN) as the regulator of the
banking industry continues to lead and drive development in the industry. In
the banking industry, digital currency is the future and the CBN is staying
ahead of the curve in Africa with the introduction of the eNaira given the several
benefits associated with the digital currency, such as safety, speed, and
convenience. A review of the events over the course of the past few years has
shown that digitalisation in its different forms has been net positive for the
financial services industry.
The eNaira is no different; the digitalisation of the naira
expands upon Nigeria’s already advanced payment ecosystem; the roadmap for the
eNaira over the next couple of months will reveal some exciting use cases that
will further grow the ecosystem and encourage even more interaction with this
new form of currency. Currently we have a whole segment of digitally curious
customers who have started interacting with the eNaira, and as the eNaira
ecosystem grows and acceptance increases as a store and exchange of value, so
will those numbers.
FirstBank’s channels currently account for about 17 per cent
of the total reported eNaira transaction volume. The bank is dependably dynamic
and continues to be at the vanguard of innovation in the banking industry.
Overall, I am confident that the eNaira will positively
impact the bank as our customers continue to transact through the bank’s
channels, supporting the digital economy drive. The number of customers will
increase as the eNaira will enable the sign-on of excluded people in the
financial system, thereby supporting the financial inclusion drive of the CBN.
The eNaira will reduce the cost of processing cash for the
bank, thereby making it a cheaper, reliable and faster way of exchange and the
bank will have access to customers across the continents, simplifying and
facilitating cross border payments and trade.
What’s opinion about the CBN’s FX and what long-term impacts
will it have on the exchange rate and has your bank been able to meet the
demands of customer?
The main objectives of exchange rate policy in Nigeria are
to preserve the value of the domestic currency, maintain a favorable external
reserves position and ensure external balance without compromising the need for
internal balance and the overall goal of macroeconomic stability. The new CBN’s
foreign exchange (FX) policy is geared towards harmonising the FX rates across
the various markets and increasing the availability of FX to those who
genuinely need it and not for those who are speculators or those who
deliberately try to distort the market. The current FX policy of the CBN has
recorded some successes in improving the availability of FX for transactions
and curbing the incessant decline of the naira exchange rate in the parallel
markets.
The current policy is expected to strengthen the naira
exchange rate, however, there are several other factors that are critical to
the movement of the exchange rate, predominantly oil prices and capital
inflows.
If these factors continue to trend positively, then we can
expect a relative stability of naira relative to other international
currencies. I believe the long-term impact will be the relative stability of
the naira, as the CBN continues to meet all legitimate needs, increasing the
confidence of the people and sending the right signaling effect to foreign
investors. Typically, FirstBank engages the regulators, providing all the
necessary foreign exchange bid documentations and following defined processes
to ensure that our customers’ bids are successful, and we get as much
allocation as possible for all our needy customers.
How prepared do you think banks are for Basel III?
The Basel III accord was developed by the Basel Committee on
Banking Supervision (BCBS) and is built upon the frameworks of the existing
Basel II accord, with the aim of strengthening regulation, supervision, and
risk management within the banking industry, globally. Due to the impact of the
2008 global financial crisis on banks, it became imperative for the current
frameworks under Basel II to be revised to improve the ability of banks to
handle shocks from financial stress and to strengthen their transparency and
disclosure.
The Central Bank of Nigeria (CBN) on September 2, 2021,
issued a circular to all banks in Nigeria titled Basel III Implementation by
all Deposit Money Banks. The circular aims to inform all banks of the issuance
of guidelines for the implementation of the Basel III standard which is a
voluntary global regulatory framework that addresses banks’ capital adequacy, stress
testing, and market liquidity risk.
Basel III standard will prevent banks from taking excessive
risks that can negatively impact the players and the economy. Implementation of
Basel III will have significant implications for capital requirement – there
will be a higher minimum CAR requirement for players in the industry. However,
the apex bank has engaged and defined a road map to ensure that operators in
the banking industry meet and surpass the higher capital requirements. The
Basel III will be implemented in phases and banks have developed their capital
plan to ensure they meet and surpass the higher capital and liquidity
requirements for the Basel III implementation.
Many banks have revamped their operational and credit risk
infrastructure to mitigate operational and credit risk losses. The effect is
already being seen in the general decline in the industry’s non-performing loan
portfolio. The successful implementation of the Basel III frameworks would be
beneficial to the banking industry and the economy at large.
Do you think it would spur more mergers and acquisitions in
year 2022?
The Basel III standard implementation by the Central Bank of
Nigeria is aimed at decreasing the risk of the financial services sector. The
main aim of Basel III is to improve financial stability – the standard is set
to increase the soundness of Nigeria’s financial services sector and the
confidence of the people in the financial system.
The implementation is expected to impact banks’ capital
adequacy by raising liquidity and lowering bank leverage. Analysts believe that
the implementation of Basel III would increase the capital requirement of
Systemic Important Banks (SIB) in Nigeria to 17 per cent from 15 per cent but,
most banks in Nigeria are well-capitalised and are expected to increase capital
buffer that can be drawn upon in periods of stress.
However, despite being well-capitalised, the implementation
of Basel III would reduce the capital headroom of operators and banks would
have to resort to various strategies to strengthen their capital positions to
drive credit and business growth. These strategies may include mergers and
acquisitions (M&A) as Basel III policy implementation takes effect to
strengthen their capital positions as the policy requires higher capital
requirements/enhanced capital cushions. Nonetheless, I believe Nigerian banks
are well-positioned to withstand regulatory headwinds whilst driving growth.
How would you assess your bank’s performance through the
pandemic?
The Covid-19 pandemic disrupted several sectors of the
economy, the banking industry was one of the most impacted given the critical
role that banks play in the economy and across all sectors. However, FirstBank
navigated the pandemic crisis successfully and recorded the best financial
performance since 2015 in the 2020 financial year. FirstBank delivered a strong
performance both on the financial and non-financial front underpinned by
resiliency, digital innovation and customer centricity.
On financial performance, despite the pandemic, the bank
recorded significant growth in its revenue base, profitability and asset.
Revenue and Profitability Performance: In the context of the pandemic,
FirstBank Group delivered strong financial results, generating gross revenue of
N539 billion for the year ended 31 December 2020. The Group’s non-interest
income grew impressively by 24 per cent between 2019 and 2020, closing at
N154.5 billion for the year ending 31 December 2020.
The non-interest income growth was propelled by
transactional and eBusiness income and credit related fees. In 2020, FirstBank
Group delivered its most profitable year since 2015. The Group’s profit before
tax increased from N70.8 billion for the year ended 31 December 2019 to N73.6
billion for the year ended 31 December 2020, resulting in a year-on-year
profitability growth of 4 percent between 2019 and 2020.
Strong Asset Growth and Stable Funding Base: FirstBank Group
experienced solid total asset growth of 25.5 per cent to N7.4 trillion as at
December 31st, 2020 (2019: N5.9 trillion). The Group continues to maintain a
strong liquidity and capital position driven by its high volume of customer
deposits held in low-cost current and savings accounts, which amounted to over
75 percent of the Bank’s customer deposit base as at 31 December 2020.
Renewed emphasis by the Group in improving the service
performance level in the retail segment, expanding digital touchpoints and
repurposing of its branch network have resulted in 20.5 per cent increase in
deposits to N4.7 trillion as at December 31st, 2020 (2019: N3.9 trillion); a
reflection of our strong franchise value which has come to be associated with
safety, stability and innovation. Through the bank’s extensive physical
footprint and expanding agent banking network and digital banking capabilities,
the Group continues to reach an increasing number of customers, which drives
customer deposits in low-cost current and savings accounts that serve as an
important funding base.
On non-financial performance, the bank’s non-financial
performance across disruptive innovation and customer focus lens has been
impressive. Some of the milestones achieved during the pandemic was us
launching the pioneer FastTrack ATM in Africa offering customers a touchless
solution for ATM transactions and enabling customers to pre-order cash on ATMs
via the bank’s USSD or mobile banking platforms.
We unveiled FirstBank’s Virtual Payment Card, a digital
representation of the naira-denominated plastic debit card, launched the
Firstmonie Agent Credit, a digital lending solution designed to provide bridge
finance to help our Agents solve liquidity challenges, leveraged technology to
promote digital account opening process through the Digital Sales Executive
App, ATMs, Firstmonie Agents, *894# USSD banking, FirstMobile and Company
website. Also, we upgraded the Bank’s mobile banking application, FirstMobile,
with new and improved features to promote a convenient and secured mobile
banking experience for customers, rolled out FirstBank Digital Innovation Lab’s
proprietary developed Mobile Banking App for our wholly owned subsidiary
FBNBank Senegal, Increased customer account base (including wallets) to over 30
million.
Maintained the dominant digital bank rating in Nigeria with
over 20 per cent market share of electronic banking transaction volumes, about
16 million users on our digital banking platforms (USSD *894#, FirstMobile and
FirstOnline) and over 11 million card users. Expanded the Agent Banking network
to over 86,500[1] agents across 772 out of 774 local governments in Nigeria and
paid out over N18 billion as commissions to Firstmonie Agents.Reinforced the
Bank’s financial inclusion drive with the disbursement of over N22 billion and
N35 billion in loans through FirstAdvance and Agent Credit digital platforms,
respectively. Provided free e-learning solutions in partnership with Roducate,
IBM and the Lagos State Government, thereby helping to reduce the negative
impact of school closure following the COVID-19 pandemic on students in Lagos
State.
Additionally, the bank, in partnership with Junior
Achievement, positively impacted over one million students through its
financial literacy, entrepreneurship and career counselling programs and
Improved customer ranking in the Wholesale Banking segment by four places in
2020.
What are your expectations and forecast for the economy in
2022?
Globally and in Nigeria, economic recovery was strong in
2021 following improved vaccination exercise, and support from monetary and
fiscal authorities for demand. However, I believe 2022 will witness slower pace
in economic growth over lingering health crisis (the fourth wave of the
covid-19 pandemic with the omicron variant) and rising price levels globally.
Also, the boost from base effects and reopening of the
economy will decline in 2022. Locally I expect economic growth to improve
slightly; however, the following trends are expected in 2022 are
disinflationary trend to continue in 2022 but inflation would still bite harder
although potential PMS subsidy removal is the most consequential known factor
that could push inflation to its worst-case estimates in 2022. Higher taxes may
take the center stage as the federal government explores all options to cover
for burgeoning budget deficit. Potential improvement in fiscal metrics given
the bullish sentiment in the international oil market and savings potential
from the PMS subsidy removal.
Capital importation may improve as foreign portfolio
investments, diaspora remittances and other sources of inflow witness gradual
growth following global economic recovery and increased employment for
Nigerians in diaspora. Monetary policy measures may normalise in 2022 with the
Central Bank of Nigeria maintaining an accommodative stand.
Economic growth in 2022 is projected to be with the range of
2.7 per cent and three per cent. However, the key activities to look out for in
2022 include electioneering, the penultimate year before the next general
elections, increase in taxes, buoyant oil market, PMS subsidy removal, and
exchange rate policy of the CBN.
With the recent push to increase lending by CBN, don’t you
think this would impact or drive up your bank’s NPLs?
The Central Bank of Nigeria had in recent times taken some
tough decisions to address the challenges affecting the growth of the real
sector and the Nigerian economy. This includes ensuring that banks comply with
the minimum 65 per cent loan to deposit ratio (LDR).
This increased lending by CBN has proved potent in filling
the financing gap as credit to private sector has indeed risen to an
appreciable level. Although there is a concern that this push to increase
lending by CBN would drive up bank’s non-performing loans (NPLs), a report by
the National Bureau of Statistics (NBS) noted that despite the increase in LDR
there is an inverse proportionate reduction in non-performing loans. FirstBank
has achieved great strides in reducing its NPL from double-digit in 2016 to
single digit in 2021 which attest to the fact that the bank is strong and
resilient.
I am happy to note that the recent drive to increase lending
will not affect the bank’s NPLs negatively as the bank has instituted a robust and
automated operational and credit risk management processes and infrastructure.
FirstBank has in the recent years built an enduring risk culture and governance
system, strengthened the risk infrastructure through specialised training,
digitalisation credit processes and imbibe disciplined and active portfolio
management approach thereby ensuring strict regulatory compliance. FirstBank
will continue to support CBN’s lending initiative to achieving strong economic
growth and diversification as the bank is well positioned to maintain good
asset quality and profitable credit portfolio.
With the emergence of PSBs and telcos granted licences, how
much would that deepen financial inclusion and do you see this competing with
banks’ agency banking?
The introduction of Payment Service Banks (PSBs) is another
step taken by the CBN in line with its goal of promoting financial inclusion
and enhancing access to financial services for the unbanked, underbanked, and
underserved segments of the population across all parts of the country. The
entrance of the PSBs will certainly deepen financial inclusion. It will impact
the financial services landscape to the extent that the Telcos will be able to
leverage their extensive infrastructure to offer last mile delivery of financial
solutions to those currently unbanked. Today, we have 70 million Nigerians that
have been issued the National Identity Number.
About 20 per cent of this number are currently unbanked, and
they can more easily be reached. The expected impact will ride on the back of
synergy and collaborations across the industry. And this is what we are already
seeing. For us at FirstBank, the development is not a threat, we see it more as
an opportunity.
You will agree that for an institution like ours that has
been around and flourishing for over 127 years, our ability to read and
effectively respond to market trends has been well proven. What we have done
with our agent banking is to build a platform that could be leveraged to enrich
customer offerings in diverse ways. We do not just possess spread, we possess
depth. So, leveraging technology and open API, we are poised to work with the
PSBs to deliver value to the banking public and citizenry.
Still on agency banking, can you give us an update on the
expansion of your bank’s agency banking and the impact it had especially during
the lockdown?
FirstBank’s agent banking, Firstmonie, has witnessed
continuous growth since its launch. The Firstmonie agent network operates in
772 of the 774 local government areas in Nigeria and is the largest bank-led
network in Nigeria, and indeed Sub-Saharan Africa, with over 150,000 agents
including over 22,000 women agents, enabling the Bank to drive gender inclusive
growth within rural communities.
The Firstmonie network has processed over N17 trillion
($39.3 billion) in over 817 million transactions between 2018 and December
2021. The Firstmonie initiative has been a very formidable vehicle for job
creation and economic development in several communities across the country, as
over 150,000 direct jobs and 450,000 indirect jobs have been created, with an
agent earning an average monthly commission/income of N85,000. Over 1.5 million
individuals have been economically impacted through the jobs created via the
FirstBank’s Firstmonie agent banking proposition. Significant percentage of
Firstmonie’s agents are in the rural areas, contributing significantly to the
development of the rural economy in Nigeria.
Overall, FirstBank is supporting the social-economic
development of Nigeria in a profitable way. During the peak of the lockdown,
the Firstmonie network provided an alternative channel for the Bank’s customers
to conduct transactions and meet their basic financial service needs, serving
as quasi-physical touchpoint for the bank’s customers.
This resulted in the Firstmonie network processing over N6.6
trillion worth of transactions during the period We are not resting on our oars
and the growth in 2021 is equally impressive; as at Q3 2021, we had processed
more value of transactions than we did in the whole of 2020. The outlook for
2022 and beyond is also quite exciting. We will continue to focus on impacting
the lives of the communities we serve and deepening the services we offer
through collaborations with partners, the regulatory authorities, other
industry players, and our customers.
Your tenure as CEO was last year renewed, can you speak on
your achievements and milestones thus far?
I was appointed Chief Executive Officer/Managing Director of
this iconic institution – FirstBank of Nigeria Limited in January 2016. The
board and management team embarked on a transformation journey with deliberate
and focused extraordinary actions to rescue and gradually rebuild the bank.
Fast forward, the rebuild effort of the last five-plus years has translated to
significant outcomes across key indicators of business momentum and growth.
Some of the achievements and milestones include: Grew the bank’s average assets
to N8.2 trillion as at Q3, 2021 from N3.9 trillion as at December 2015,
increased Group deposits base to N5.1 trillion in Q3, 2021 from N2.9 trillion
as at December 2015.
FirstBank grew the Bank’s profit before tax to N52.7 billion
in Q3, 2021 from N10.2 billion as at December 2015, reduced the Bank’s NPL
ratio from double-digit in 2016 to single digit in 2021 (vintage NPL is
<1%). Reduced cost of risk to <2% as at Q3 2021 from double digit in
2016, transformed and repositioned international subsidiaries businesses for
improved performance – all are returning positive profitability, upgraded the
core banking platform (Finacle Future Ready – FFR) with improved processing
capacity and availability + better integration agility.
Built an industry leading digital banking (electronic
banking) business. Made significant progress in transaction banking –
controlling 26 per cent of industry corporate e-bills payment market share.
Also, during my tenure, the FastTrack ATM was Launched in Africa offering
customers a touchless solution for ATM transactions and enabling customers to
pre-order cash on ATMs via the Bank’s USSD or mobile banking platforms.
Unveiled the FirstBank Virtual Payment Card, a digital
representation of the naira-denominated plastic debit card. Launched the
Firstmonie Agent Credit, a digital lending solution designed to provide bridge
finance to help our Agents solve liquidity challenges. Leveraged technology to
promote digital account opening process through the ATMs, Firstmonie Agents,
*894# USSD banking, FirstMobile and Company website. Upgraded the Bank’s mobile
banking application, FirstMobile, with new and improved features to promote a
convenient and secured mobile banking experience for customers.
Rolled out FirstBank Digital Innovation Lab’s proprietary
developed Mobile Banking App LitApp. Others are increased customer account base
(including wallets) to over 34 million. Maintained the dominant digital bank
rating in Nigeria with over 20% market share of electronic banking transaction
volumes, about 16 million users on our digital banking platforms (USSD *894#,
FirstMobile and FirstOnline) and over 11 million card users. Build a ubiquitous
and robust Agent Banking network across 772 out of 774 local governments in
Nigeria with over 150,000 agents.
During my tenure, the Bank’s outstanding services have
attracted numerous recognitions and awards. In 2021, FirstBank was named “Best
Private Bank in Nigeria” and “Best Consumer Digital Bank in Nigeria” by Global
Finance; “Most Innovative Banking Application – Nigeria, 2021” and “Best CSR
Bank – Nigeria, 2021” by Global Banking and Finance Awards; “Most Innovative
Banking Product 2021” by International Finance Awards; as well as “Treasury and
Global Markets Brand of the Year 2021” and “Alternative Delivery Channel of the
Year” by BusinessDay Banks and Other Financial Institutions (BAFI) Awards 2021.
For six consecutive years, FirstBank was named, “Most Valuable Bank Brand in
Nigeria,” by the globally renowned The Banker Magazine of the Financial Times
Group and “Best Retail Bank in Nigeria” eight times in a row by The Asian
Banker Awards.
We are grateful for accolades and achievements which attest
to our exceptional commitment to promoting national, regional and global
economic growth and development through constructive engagements with the
public and private sectors of various economies, and our host communities
across the globe.
What should your customers and shareholders expect from your
bank in the near future?
The industry has changed and will continue to evolve at a
faster pace with new innovative technologies, and the customers will continue
to gravitate towards institutions that provide the best digital payments
services that address their changing needs for convenience, speed and security.
FirstBank will remain at the cutting edge of innovation and technology in the
industry.
FirstBank has the right capabilities and competencies to
lead and take advantage of the new developments in the digital payment space,
and indeed, the banking industry. At FirstBank, we will continue focus on
customer-led innovation as we put our customers first in everything we do. We
understand that although the needs of customers may remain the same, the
channel of delivery remains dynamic, and we must stay ahead of the curve; Our stakeholders
should expect to see a bank that is future-proof and ready to provide
best-in-class products and services that will meet and surpass their needs.
FirstBank remains dependably dynamic and will ensure that
the needs of all stakeholders are met to the customers, we will provide the
best products and deliver exceptional customer experience, to the shareholders,
capital appreciation and good dividend payout,to employees, competitive
emolument and good career path, to regulators, voluntary compliance to all
rules and regulations and to communities, we will be good corporate citizens
and give back to the society where we operate.
Tell us about some of the impact of FirstBank on the
communities where it operates?
At FirstBank, we are committed to nation-building and have
been driving sustainable social, economic and environmental growth for over 127
years of our existence. Our community development initiatives are anchored on
our strategic Education, Health and Welfare pillars. Our engagement in sustainable
business practices is based on our promise of enhancing economic development
and ensuring economic stability for the present and future generation. Our key
programmes include Infrastructure Development programme; Endowment programme;
Future First (Financial Literacy, Entrepreneurship and Career Counseling);
E-Learning Initiative; SPARK (Start Performing Acts of Random Kindness) and CRS
Week. I will highlight achievements for a few.
First Bank Infrastructural Development programme is aimed at
promoting infrastructure development under its identified areas of support.
This includes providing infrastructure facilities in schools, hospitals and
environmental infrastructure projects. This is in recognition of the importance
of these facilities in improving the quality of life. We have built over 16
infrastructure projects which include universities and secondary and primary
schools and recently commissioned a Primary Health Centre in Ijedodo Community
in partnership with Lagos State Government.
The FutureFirst programme in partnership with Junior
Achievement Nigeria has impacted Over 1,000,000 people across the regions of
the country including Lagos, Port Harcourt and Abuja with knowledge of
financial literacy and entrepreneurship. Over 170,000 students have benefitted
from the E-learning initiative thus far. This include 20,000 indigent students
that have received free low-end devices preloaded with accredited content. The
Corporate Responsibility & Sustainability Week (CR&S) Week which
started in 2017 is a dedicated week designed to offer opportunities for
employees to give their time and resources to defined causes in line with the
Bank’s CR&S strategic approach.
The Week’s activities are an aspect of the Bank’s Employee
Giving & Volunteering Programme, which was instituted with the aim of
encouraging employees to give back to the community as well as inculcate in
them the integral corporate culture of giving. The main initiative implemented
during this week is SPARK. SPARK is a values-based initiative designed to raise
consciousness that we can choose to be kind. SPARK which was introduced in the
maiden edition of the Corporate Responsibility & Sustainability (CR&S)
week in 2017 espouses reigniting our values which appear to be eroding fast.
The initiative focuses on creating and reinforcing an
attitude of going beyond just meeting the material needs of people who are
unable to help themselves to showing compassion, empathy, affection. In 2021,
the lives impacted include 60 Beneficiary schools; over 18,000 secondary
students’ participants in SPARK launch; 20,000 underprivileged including widows
lives touched in 8 countries including United Kingdom, Ghana, DRC, Guinea,
Sierra Lone, Senegal & Nigeria. We had partnerships with over 100 Charities
/ NGOs including LEAP Africa; International Women Society; UNGC; UN Women;
Junior Achievement Nigeria.
In addition, SPARK Amplification has expanded and deepened
staff involvement within our various host communities by integrating and
institutionalizing acts of random kindness, which has seen 7 Directorates &
Departments in the Bank implement various initiatives including empowering
small businesses; infrastructure and books for schools, and providing household
items for orphanages.
In 2021, staff contributions spent to implement SPARK
amplification stands at N13,570,743.10 and a total of 9,706.5 volunteering
hours. When will the Elephant (FirstBank) stand ‘Gidigba’ again? As I said
earlier, the bank is consistently delivering a resilient performance within a
challenging macro-economic environment amidst the negative impacts of the
COVID-19 pandemic. I highlighted some key points as evidence in our commitment
to and journey towards reclaiming our top position in the industry. These
include firstly, our determined efforts at sustaining our dominance in
financial inclusion and digital banking, reflecting growth in our agent banking
business, supporting the 17.5 per cent growth in non-interest income.
The second thing is our deliberate, planned and consistent
efforts in putting the customer first as shown in the 24.1% y-t-d growth in the
loan book, fortified by solid risk management practices and from which
sustainable good quality earnings are being delivered as asset quality remains
firmly under control. And the confidence that our stakeholders including our
customers repose in us is reflective in 10.3% y-t-d growth customers’ deposits.
This is in addition to our constant investment in technology.
We have always maintained that FirstBank is built to be
resilient, stable and for the long-haul. And we remain committed to reinforcing
our performance by the continued implementation of the Bank’s strategy, which
is designed to deliver accelerated growth in profitability and overcome the
possible challenges of the environment.
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