First Bank Records N55.1Billion Half Year Profit

First Bank of Nigeria Holdings Plc on Tuesday said that its half-year Profit Before Tax (PBT) rose by 3.2 percent from N53.5bn in 2012 to N55.1bn in the first half ended June 2013.

A statement released by the bank stated that gross earnings rose by 7.7 percent to N194.8bn in the six months to June 30 from N180.9bn in the same period last year while the net interest income increased by 3.6 per cent from N108.9bn in 2012 to N112.7bn.

“Non-interest revenue of N44.1bn, up 2.4 per cent year-on-year (June 2012: N43.1bn); operating income of N156.9bn, up 3.2 per cent year-on-year (June 2012: N152.0bn); profit before tax of N55.1bn, up 3.2 per cent year-on-year (June 2012: N53.5bn). Total assets of N3.4tn, down 2.3 per cent quarter-on-quarter (March 2013: N3.5tn) but up 6.1 per cent year-to-date (December 2012: N3.2tn),” the bank said.

Total customer deposits also increased by 6.4 per cent from N2.4tn in December 2012 to N2.6 as at June 2013.

Commenting on the financial report, FBN Plc Chief Executive Officer, Bello Maccido said “Over the first half of 2013, the performance of the group remained resilient, delivering year-on-year growth of eight per cent in gross earnings to N194.9bn.”

He noted that the regulatory environment across the company’s portfolio of businesses has continued to evolve, as authorities take measures to strengthen the various sub-sectors within the financial services industry.