Finance

First Bank posts ₦48 billion profit after tax in 2023’s first quarter

First Bank posts ₦48 billion profit after tax in 2023's first quarter

First Bank Nigeria Limited has posted a Profit after Tax of ₦48 billion in the first quarter of 2023, which represents a growth in profit.

The bank said it recorded a Profit before Tax of ₦53.5 billion in the first quarter of 2023, a 57 per cent from the ₦34.1 billion in the corresponding period in 2022.

The company recorded significant growth across key metrics in the first quarter of 2023.

In its first quarter 2023 financial result, the bank stated that it recorded gross earnings of ₦245.7 billion, a 44.2 per cent growth against the ₦170.4 billion it earned in the corresponding period of 2022.

Its net interest was put at ₦110 billion, a 50.9 per cent growth from ₦72.9 billion generated in the corresponding period of 2022.

Non-interest income was ₦67.8 billion, a 10.6 per cent increase compared to the corresponding period in 2022.

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est income was ₦67.8 billion, a 10.6 per cent increase compared to the corresponding period in 2022.

The bank stated that its operating expenses of ₦107.6 billion in the first quarter of 2022, was up by 21per cent from the ₦88.9 billion level in the corresponding period of 2022.

The bank declared total assets of ₦10.6 trillion, a 5.1 per cent rise from ₦10.1 trillion in the preceding year.

It added that its customers loans and advances (net) totalled ₦3.9 trillion, up by 4.5 per cent year-to-date as of December 2022, and standing at ₦3.7 trillion.

The banks customers’ deposits were ₦7.4 trillion, up by 6.64 per cent year-to-date as of December 2022, which was ₦6.9 trillion.

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“The First Bank Group delivered an impressive performance in quarter one of 2023, with significant growth across key metrics.

“Gross earnings recorded a substantial increase of 44.2 per cent year-on-year, demonstrating the bank’s ability to generate substantial revenue from core operations.

“Net interest income saw a remarkable surge of 50.9 per cent year-on-year on the back of optimal asset pricing and effective management of interest-earning assets.

“Increasing penetration of digital and transaction banking offerings supported our Quarter one performance in non-interest income by 15.3 per cent growth.

“The increase of 21 per cent year-on-year in operating expense reflects the high inflationary environment but within revenue growth.

“The commercial banking group delivered substantial growth of 57 per cent in profit before tax.

“Profit after tax for the quarter grew by 54.8 per cent,’’ Dr Adesola Adeduntan, Chief Executive Officer of First Bank (Commercial Banking Group), said.

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Adeduntan added that the growth in the bank’s performance metrics underlies the strength in the core fundamentals underpinning its business strategy and sustainability of its business model.

“The year 2023 marks our 129th anniversary and these results clearly demonstrate the resilience of our business model and proven ability to transform ourselves to meet the demands of changing times and seasons.

“Our transformative and purpose-driven strategy, alongside our strong value propositions, enabled us to continue supporting our customers across our chosen markets.

“We are optimistic about the rest of the 2023 financial year and these results are a sign of better things to come,’’ Adeduntan stressed.

Punch

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