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FIRSTBANK GROSSES
N67.44 BILLION
In
spite of the increased competition in the banking industry
occasioned by the growing pressure to satisfy customers who demand
prompt and efficient services, First Bank of Nigeria Plc has
announced a gross earnings of N67.440billion for the year ended
March 31, 2006, a remarkable N10.185 billion or 17.78 per
cent increase from N57.255 billion recorded in the
corresponding year ended March 31, 2005. Profit Before
Taxation for the period increased by N5.025 billion or 29.89
percent to N21.833 billion from N16,808 billion posted
for the same period last year. Similarly Profit After Taxation
increased by N4.149 billion or 31.35 percent from N13,234
billion to N17.383billion while total assets during the
period grew by N144.001billion or 30.58 per cent from N470,839
billion to N614,840 billion.
By
the indices, FirstBank has, again consolidated its leadership
position in the industry as Nigeria’s most profitable bank.
This stellar performance is driven by
an all-inclusive understanding of
the growing customer service realities, and the elimination of
impediments to effective service delivery through continued network
expansion, product development, mergers & acquisitions, and
strengthening of its global footprint.
With Shareholders’
Funds currently at N62 billion and a network of about 396 branches,
most of which are linked up on its Finacle software platform to
deliver on-line realtime services, the Bank’s recent integration
with FBN (Merchant Bankers) Limited and MBC International Bank Plc
provides a fresh fillip for business expansion.
With six (6) local subsidiaries, the
Bank operates a full-fledged bank in the United Kingdom and a
representative office in South Africa. This global outlook is in
sync with its strategy of being a national icon and an
international player.
In further evidence of the Bank’s
strength, Fitch Inc. assigned the Bank an “A+” long-term and “F1”
short-term rating over the last three years, while Agusto & Co (a
national credit rating agency) upgraded its long-term outlook for
the Bank from an “A” rating in the 2001/2002 financial year to “Aa”
in the three years to 2005. These ratings confirm the Bank’s strong
domestic franchise and systemic importance to the national economy.
To view our Balance Sheet as at March 31, 2006
Click Here.
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