The management of the Bank has declared a total of N 12.18 bn as profit after tax for the year ended March 31, 2005. This figure represents an increase of N 1.08 bn or 9.73% over the 11.10 bn declared for the corresponding period in 2004. The FirstBank Group ( the Bank and its Subsidiaries) posted a total of N 13.23 bn as profit after tax as against the N 11.48 bn declared in 2004. In a statement released to the press, the Bank's report for the financial year ended March 31, 2005 is a confirmation of its leading position in the Nigerian Banking industry. This position is however, a modest one as the increases recorded on all indices of the report turned out marginal.

The modest returns posted could however, not have come as a surprise as this reflects the projection of the Managing Director, Mr J.M. Ajekigbe, in his address to the shareholders during the Shareholder's Forum held at the MUSON Centre on February 7, 2005. I could be recalled that in presenting the outlook of FirstBank earnings for the year ending March 31, 2005, at the shareholders forum, the Managing Director informed shareholders that relative to the current economic environment, "we look forward to a modest increase over last year's returns."

Overviews of the current returns show that the Bank recorded a N 58.2 bn or 28.09% growth in deposit base, garnering total deposits of N 265.38 bn as against N 207.18 bn recorded in 2004 financial year. Total assets in the review period moved up from N 312.49 bn to N 377.50 bn, representing an increase of N 65.01 bn. Gross earnings also went up from N 45.12 bn to N 49.48 bn in the review period, resulting in N15.15 bn Profit Before Tax (PBT) as against N 14.11bn recorded in the corresponding period in 2004.

Other details of the Bank's results are as follows:

 

INDICES	2005 (N bn)	2004 (N bn)	Difference (N bn)	Difference (%)
Total Deposit	265.38	201.18	58.2	28.09
Total Assets	377.50	312.49	65.01	20.80
Gross Earnings	49.48	45.12	4.36	9.66
Profit Before Tax	15.15	14.11	1.04	7.37
Profit After Tax	12.18	11.10	1.08	9.73
Shareholder's Funds	44.67	38.62	6.05	15.67
Dividend	6.33	5.43	0.90	16.57
Loans & Advances	115.61	78.04	37.57	48.14
Investments	24.66	16.83	7.83	46.52
Reserve S&MSI	1.54	1.41	0.13	9.22

From the figures above, the N 37.57 bn increase in Loans and Advances points to the fact that the Bank is committed to the development of the domestic economy and also a reflection of its leadership role in this regard. In the same vein, the shareholders fund of N 44.67 bn shows that the Bank's position is far above the minimum regulatory requirement of N 25 bn for bank's operating in the country.