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FITCH AFFIRMS FIRSTBANK’S STRENGTH, OUTLOOK
Fitch Ratings, one of
the world’s foremost rating agencies, has affirmed
FirstBank’s international Long-term and Short-term ratings
at 'B+' and 'B' respectively with a stable outlook. Fitch
also affirmed the Bank’s National Long- and Short-term
ratings at 'A+(nga)' and 'F1(nga)', respectively.
According to the Agency, the ratings, the second in two
years, reflect a well-established and growing franchise and
improving asset quality indicators. The ratings also take
into account Nigeria's difficult operating environment, the
Bank's concentrated loan book, increased credit exposure to
individuals and accelerated credit growth since the
financial year-ended March 31, 2007. During Financial year
ended March 31, 2007, First Bank reported a 19.5 percent
year-on-year increase in net earnings to N18.4b, and strong
improvement in financial performance was reported for half
year 2008.
In May 2007, First Bank raised fresh capital of N250 billion
through a hybrid of rights and public offer. Fitch
acknowledged the improvements made to the bank's risk
management framework and asset quality indicators (the
non-performing loan (NPL) ratio reduced to 3% at Financial
Year 2007 from 9% at Financial Year 2006.
First Bank is one of the three largest banks in Nigeria by
total assets and has a network of 420 branches and 501 ATMs.
The Bank commenced operations in 1894 and provides universal
banking services to corporate and retail clients.
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