Companies
Updated: June 05, 2023

First Bank Records 12 Per Cent Increase In Profit

By Felicia Abisola Olamiji
June 05, 2023
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For the 2022 financial year, First Bank has disclosed that its profit before tax rose by 12.4 per cent to N147.0 billion from N130.9 billion in the corresponding period of 2021.

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

The bank revealed this in its 2022 and 2023 first-quarter financial statements.

Speaking on the results, the Chief Executive Officer of FirstBank (Commercial Banking Group), Dr Adesola Adeduntan, said the Commercial Banking Group continued the strong performance trajectory from the 2021 results.

He added that it posted, “Another set of robust results for FY 2022 with gross earnings up 4.4 per cent year-on-year to N748.6 billion and profit before tax of N147 billion, recording a growth of 12.4 per cent year-on-year.

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

“The impressive growth in PBT was driven by a 58.3 per cent year-on-year growth in interest income from N255.7 billion to N357.2 billion arising from business growth and improved optimisation of our balance sheet.

“This is in keeping with our Quantum Profitability Leap agenda.”