First Bank Increases Profits By 12.4%

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First Bank has disclosed that its profit before tax increased from N130.9bn in the same period of 2021 by 12.4% to N147.0bn as of the end of 2022.

It claimed that from the end of December 2021 to the end of December 2022, its profit after tax increased by 9.8% to N129.4 billion.

This information was provided by the bank in its financial statement for the Group’s final year in 2022 and first-quarter results in 2023.

Dr. Adesola Adeduntan, CEO of FirstBank (Commercial Banking Group), commented on the results, stating that the Commercial Banking Group maintained its high performance trajectory from the 2021 results.

“Another set of impressive results for FY 2022,” he said, “with gross earnings up 4.4% year over year to N748.6 billion and profit before tax of N147 billion, reflecting a gain of 12.4% year over year.

“Despite the exceptional macroeconomic challenges and the complex regulatory environment, total assets increased by 18.1% year over year to N10.1tn.

“The significant improvement in PBT was driven by a 58.3% year-over-year increase in interest income from N255.7 billion to N357.2 billion resulting from business growth and better balance sheet optimization. This is in line with our agenda for the Quantum Profitability Leap.

According to the financial report for the first quarter of 2023, the business’s revenue before tax increased by 57.0% year over year to N53.5 billion as of the end of March 2022 from N34.1 billion, while its profit after tax increased by 54.8% to N48.0 billion in Q1 2023 from N31.0 billion in Q1 2022.

Dr. Adesola Adeduntan, FirstBank’s Chief Executive Officer (Commercial Banking Group), commented on the results of the first quarter of 2023, saying, “The FirstBank Group had an exceptional performance in the first quarter, with considerable increase across key measures.

Gross earnings saw a significant increase of 44.2% year over year, proving the bank’s capacity to generate significant revenue from core operations, according to Adeduntan.First Bank increases profits by 12.4%.


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