Lagos, Nov. 6, 2023 – First Bank Group recorded 15.36% growth in its profit before tax during its third quarter which ended on Sept. 30, 2023.
Its profit before tax grew to N270.3 billion during the period from N105.5 billion recorded in same period in 2022.
The group announced the statistics in its financial statements for the period which ended on Sept. 30, 2023.
The company’s profit after tax (PAT) also rose by 159.2% to N236.4 billion from the N91.2 billion recorded in the corresponding period in 2022
Its gross earnings grew by 80.1 % to N922.2 billion during the period from N547.2 billion recorded same period in 2022.
The company posted a net interest income of N377.0 billion against N249.5 billion recorded in 2022.
Commenting on the result, Nnamdi Okonkwo, the Group Managing Director, said: “Over the period, we have delivered a strong performance and growth enabled by focused execution of our strategic plans.
Gross earnings were up by 80.1%, while our profit before tax grew by 156% year-on-year. At the same time, our credit risk portfolio remains healthy, with an NPL ratio of 4.6% and a coverage of 85.4%.
Cost to cost-to-income ratio improved to 50% from 65% in 2022 on the back of enhanced revenue generation as well as effective cost-containment initiatives despite the high inflationary environment.
We remain committed to leveraging technology, automation, and our brand strength to enhance our value proposition, increase revenues, and improve the overall operational efficiency of the Group.
We are confident in our continuous progress in generating sustainable value for our shareholders.”
Dr Adesola Adeduntan, Chief Executive Officer of First Bank, also said: “In the nine months ended September 30, 2023, FirstBank Group reported impressive financial results, reflecting sustained growth and resilience of the franchise. Our gross earnings at the end of the quarter were N922.2 billion, marking a remarkable increase of 79.8% year-on-year.
“The substantial increase of 49.3% y-o-y in net interest income reflects our commitment to managing interest rate dynamics effectively and optimising our interest-earning assets, while the impressive growth of 111.6% y-o-y in non-interest income underscores our success in diversifying the Bank’s revenue streams and providing value-added services to our customers.
“Growth of 157.9% and 158.2% y-o-y in Profit Before Tax and Profit After Tax respectively reflect our commitment to delivering exceptional value to our shareholders and stakeholders.
“This performance is a testament to the dedication and hard work of our entire team, and it reaffirms FirstBank’s position as one of the leading players in the commercial banking industry.
“As we continue to face dynamic market conditions, our agility, risk management capabilities, and strategic approach will remain pivotal in sustaining this impressive growth trajectory.
“Looking ahead, we are committed to sustaining this momentum, exploring new growth opportunities through innovation, and upholding our core value of customer centricity”. (GBN)
