First Bank Grows Profit By 12.4% To N147bn In 2022

First Bank of Nigeria Limited said it has recorded a profit of N147 billion for its financial year ended December 31, 2022. The amount represents an increase of 12.4 percent year on year against N130.9 billion recorded in the comparable period of 2021.

Profit after tax rose by 9.8 percent to N129.4 billion, y-o-y from N117.8 billion made in a comparative period of last year.

The bank result released on Friday showed that gross earnings rose to N748.6 billion from N716.8 billion recorded in the preceding year while net interest income grew by 58.3 percent y-o-y to N357.2 billion from N225.7 billion at the end of December 31, 2021.

Operating expenses also went up by 8.9 percent y-o-y to N341.9 billion, against  N313.9 billion in the previous year.

Commenting on the results, Chief Executive Officer of FirstBank the Commercial Banking Group, Dr. Adesola Adeduntan, said: “The Commercial Banking Group continued the strong performance trajectory from the 2021 results posting another set of robust results for Financial Year 2022 with gross earnings up 4.4 percent year-on-year to N748.6 billion and profit before tax of N147 billion, recording a growth of 12.4 percent year-on-year. Total assets grew by 18.1 percent year-on-year to N10.1 trillion despite the unprecedented macroeconomic challenges and dynamic regulatory environment.

“The impressive growth in PBT was driven by a 58.3 percent year-on-year growth in interest income from N255.7 billion to N357.2 billion arising from business growth and improved optimisation of our balance sheet. This is in keeping with our Quantum Profitability Leap agenda.”