By Nike Popoola

Friday, 5 Nov 2010

First Bank of Nigeria Plc has recorded a total asset of N2.4tn in the nine-month financial period of 2010.

A statement from the bank on Thursday said this represented an increase of 20 per cent from N2tn recorded in 2009.

The bank said its profit after tax rose to N32.5bn in the first nine months of 2010, from a loss of N8bn in 2009, while its profit before tax rose to N40.7bn in the nine- month financial period, from a loss of N6.6bn.

The bank recorded gross earnings of N177.1bn, a decrease of 11 per cent compared with N197.9bn recorded in the equivalent period of 2009.

The Group Managing Director of the bank, Mr. Bisi Onasanya, was quoted as saying, ”FirstBank has continued to make excellent progress in driving profitability supported by increased inflows of long-term low cost deposits as the bank delights its existing customers and attracts new customers through continued efforts to position itself as the bank of first choice.”

The bank’s operating income decreased by five per cent to N130.3bn in the nine-month period of 2010 from N137.6bn in the corresponding period of 2009.

First Bank‘s operating expenditure rose to N83.9bn, from N71.3bn in 2009, while annualised after-tax return on average equity in the first nine months of 2010 was 14.1 per cent, from 1.2 per cent in 2009.

Source: Punch