First Bank of Nigeria posts N42b profit in Q3
FirstBank of Nigeria Holding Plc has announced a post tax profit of N42.5 billion profit after tax as at 30th September, 2016.
This profit was achieved from N417.3 billion earnings in the last nine months of operation.
Its profit before tax stood at N57.5 billion.
According to its unaudited results for the nine months made available to Global Village Extra in, the bank demonstrated a high level of efficiency reducing its operating expenses downward to about 5.1 percent which accounted for N161.8 billion compared to N170.4 billion in September, 2015.
The income statement revealed that the sum of N333.9 billion was raked in as operating income for the period; a sum higher than N276.6 billion accrued into the bank's coffer in September, 2015.
It reads: “Income statement: Gross earnings of N417.3 billion, up 7.0% year-on-year(y-o-y) (Sept 2015: N390.0 billion); Net-interest income of N202.9 billion, up 5.2% y-o-y(Sept 2015: N192.9 billion); Non-interest income of N131.0 billion, up 56.5% y-o-y (Sept 2015: N83.7billion); Operating income of N333.9billion, up 20.7% y-o-y (Sept 2015: N276.6billion)1; Impairment charge for credit losses ofN114.7 billion (Sept 2015: N46.6 billion).
“Others are operating expenses ofN161.8billion, down 5.1% y-o-y (Sept 2015: N170.4billion)1; Profit before tax of N57.5 billion, down3.5%y-o-y(Sept 2015: N59.6 billion) and Profit after taxN42.5billion, down15.3%y-o-y(Sept 2015: N50.2 billion).”
The Managing Director, Chief Executive Officer of First Bank and its subsidiaries, Dr. Adesola Adeduntan, while commenting on the results said: “First Bank and its subsidiaries returned a 6.0% y-o-y growth in gross earnings at N381.0 billion as we continue to push to improve the performance of our business despite the tough operating environment exacerbated by the currency weakness. To achieve the desired results, we have identified talents, and recruited highly competent personnel in strategic functions towards returning the group to its leadership position.
“Furthermore, having addressed the structural and organisational challenges of our risk management architecture and as we remain focused on the remediation and recovery efforts, we are progressing with the Enterprise Resource Planning and Risk Management implementation project as well as other transformational initiatives to drive further operational efficiency, service delivery excellence and enhanced earnings.”
The FBN has a total asset worth N5.1 trillion, customer deposits of N3.3trillion and customer loans and advances (net) N2.2trillion.
Within the nine months period, the financial house group appointed Cecilia Akintomide and Oluwande Muoyo as Independent Non-Executive Directors, effective 19 July, 2016.
In the FBN subsidiaries others appointments made included: Patrick Iyamabo as Chief Financial Officer, effective 15August, 2016; Olusegun Alebiosu appointed as Chief Risk Officer, effective 5 September, 2016. As for FBN Merchant Bank Limited, those offered appointments were Akin Osinbajo and Babatunde Odunayo as Non-Executive Directors, effective 19 July, 2016.
In FBN General Insurance Limited: Titi Adebiyi, Yusufu Modibbo, HernieNel and Johan Schalkwykwere were appointed Non-Executive Directors, effective 19 July, 2016 while Folarin Alayande was appointed Non-Executive Director, effective 19 July, 2016 into FBN Insurance Brokers Limited.
The subsidiaries of FBN Holdings according to the report offer a broad range of products and services across commercial banking in 12 countries (Lagos, Nigeria; London, United Kingdom; Paris, France; Johannesburg, South Africa; Beijing, China; Abu Dhabi, UAE; Kinshasa, Democratic Republic of Congo, Accra, Ghana; Banjul, Gambia, Conakry, Guinea, Freetown, Sierra Leone and Dakar, Senegal), merchant banking and asset management as well as insurance.
“The Group, employing about 9,200 staff, has about 12.1 million active customer accounts (in the principal subsidiary – First Bank (Nigeria)), through about 863 business locations (615 local branches, 131agenciesfor First Bank (Nigeria) and 117 (local and international) subsidiary locations).FBN Holdings Plc. is structured essentially under three business groups, namely: Commercial Banking, Merchant Banking and Asset Management as well as Insurance,” it read.