In its first quarter 2023 financial result, the bank stated
that it recorded gross earnings of ₦245.7 billion, a 44.2 per cent growth
against the ₦170.4 billion it earned in the corresponding period of 2022.
Its net interest was put at ₦110 billion, a 50.9 per cent
growth from ₦72.9 billion generated in the corresponding period of 2022.
Non-interest income was ₦67.8 billion, a 10.6 per cent
increase compared to the corresponding period in 2022.
The bank stated that its operating expenses of ₦107.6
billion in the first quarter of 2022, was up by 21per cent from the ₦88.9
billion level in the corresponding period of 2022.
It recorded a Profit before Tax of ₦53.5 billion in the
first quarter of 2023, a 57 per cent from the ₦34.1 billion in the
corresponding period in 2022.
It stated that its Profit after Tax for the first quarter of
2023 was ₦48 billion, whereas it was ₦3 billion in the first quarter of 2022.
The bank declared total assets of ₦10.6 trillion, a 5.1 per
cent rise from ₦10.1 trillion in the preceding year.
It added that its customers loans and advances (net)
totalled ₦3.9 trillion, up by 4.5 per cent year-to-date as of December 2022,
and standing at ₦3.7 trillion.
The banks customers’ deposits were ₦7.4 trillion, up by 6.64
per cent year-to-date as of December 2022, which was ₦6.9 trillion.
“The First Bank Group delivered an impressive performance in
quarter one of 2023, with significant growth across key metrics.
“Gross earnings recorded a substantial increase of 44.2 per
cent year-on-year, demonstrating the bank’s ability to generate substantial
revenue from core operations.
“Net interest income saw a remarkable surge of 50.9 per cent
year-on-year on the back of optimal asset pricing and effective management of
interest-earning assets.
“Increasing penetration of digital and transaction banking
offerings supported our Quarter one performance in non-interest income by 15.3
per cent growth.
“The increase of 21 per cent year-on-year in operating
expense reflects the high inflationary environment but within revenue growth.
“The commercial banking group delivered substantial growth of
57 per cent in profit before tax.
“Profit after tax for the quarter grew by 54.8 per cent,’’
Dr Adesola Adeduntan, Chief Executive Officer of First Bank (Commercial Banking
Group), said.
Adeduntan added that the growth in the bank’s performance
metrics underlies the strength in the core fundamentals underpinning its
business strategy and sustainability of its business model.
“The year 2023 marks our 129th anniversary and these results
clearly demonstrate the resilience of our business model and proven ability to
transform ourselves to meet the demands of changing times and seasons.
“Our transformative and purpose-driven strategy, alongside
our strong value propositions, enabled us to continue supporting our customers
across our chosen markets.
“We are optimistic about the rest of the 2023 financial year
and these results are a sign of better things to come,’’ Adeduntan stressed. NAN
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