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  • Business - Banking & Finance
  • Updated: November 22, 2020

First Bank Earnings Drop In Q3 2020

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Olalekan Fakoyejo
Olalekan Fakoyejo

Fakoyejo Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ)....

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First Bank of Nigeria Holding's interest income declined in three months of 2020 third quarter, failing to surpass the earnings it recorded during the same period in 2019 Q3. AllNews gathered from First Bank's financials that interest income fell by 12.1% to NGN90.2 billion, way below the NGN102.8 billion the lender generated in Q3 2019.

First Bank's financial performance was further dampened by its interest expense. Following the declining path, the interest expense dropped in 2020 Q3, hitting NGN28.8 billion, failing to rise above the NGN40.9 billion it generated in the corresponding period of last year's third quarter.

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Net interest income of the lender also declined within the three months of Q3 this year - which is from July to September - as First Bank reported NGN61.4 billion as its net interest income, which falls below the NGN61.8 billion recorded during the same period for 2019 Q3.

However, operating profit grew within the period under review, as First Bank earned NGN21.7 billion in Q3 of 2020, higher than the NGN18.2 billion it grossed in the corresponding period of last year third quarter.

Profit before tax also followed suit, with First Bank raking in NGN21.9 billion within three months of 2020 Q3. This amount is higher than the NGN18.2 billion First Bank earned as profit before tax during the same period last year Q3. Profit After Tax rose slightly, as it stood at NGN18.7 billion in Q3 2020, above the NGN18.4 billion reported as PAT in 2019 Q3.

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Olalekan Fakoyejo
Olalekan Fakoyejo

Fakoyejo Olalekan is a certified media practitioner from the Nigerian Institute of Journalism (NIJ)....

More From this Author

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