Home News First Bank Records 12.4 Percent Profit Increase

First Bank Records 12.4 Percent Profit Increase

First Bank Records 12.4 Percent Profit Increase

 

The First Bank of Nigeria, says its profit before tax rose by 12.4 per cent to N147.0bn as of the end of 2022, from N130.9bn in the corresponding period of 2021.

 

The bank disclosed that its profit after tax rose by 9.8 per cent to N129.4bn at the end of December 2022 from N117.8bn in the same period of 2021.

 

This was revealed in its financial statement for the Group’s 2022 final year and 2023 first quarter results.

 

The Chief Executive Officer of First Bank (Commercial Banking Group), Dr. Adesola Adeduntan, said the Commercial Banking Group continued the strong performance trajectory from the 2021 results.

 

He said total assets grew by 18.1 per cent year-on-year to N10.1tn despite the unprecedented macro-economic challenges and dynamic regulatory environment.

 

On the first quarter of 2023 financial result, the statement said its profit before tax rose by 57.0 per cent y-o-y to N53.5bn as of the end of March 2022 to N34.1bn; while its profit after tax rose by 54.8 per cent to N48.0bn in Q1, 2023 from N31.0bn in Q1,2022.

 

Speaking on Q1, 2023 results, the Chief Executive Officer, said, “The First Bank Group delivered an impressive performance in Q1, 2023, with significant growth across key metrics.

 

According to Adeduntan, “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.

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