FirstBank reports rising 9M profits

October 14th, 2011 Jackson Colson Leave a comment Go to comments

First Bank of Nigeria plc (FirstBank) has reported its unaudited financial results for the first nine months of 2011, including gross earnings of N211.2bn.

This is a 19% rise on the corresponding period in 2011 when the firm made N177.1bn in gross earnings.

Net interest income was up by 33%, year-on-year, to N118.9bn, with operating income up 38% to N179.7bn.

Pre-tax profits were up by 20% from N40.7bn to N49bn, and up from N35.7bn in the first six months of 2011.

Profits after tax were up by 32% from N32.6bn to N42.2bn, exceeding the 23% rise in biannual net profits the firm recorded in the first six months of the year (N31.3bn).

The bank also recorded a Tier 1 capital ratio of 15.4%, flat with the same period last year, and a total capital adequacy ratio of 17.5%, 0.5% higher than the same time last year.

Group Managing Director Bisi Onasanya described the results as very satisfying, adding that they were indicative of the bank’s robust and resilient business model.

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