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FIRSTBANK RECORDS N19 BILLION PROFIT IN SIX MONTHS
First Bank of Nigeria Plc has announced an impressive result
for its half year ended September 30, 2007. The results
announced on the floor of the Nigerian Stock Exchange on
Thursday, November 1, 2007 indicated gross earnings of
N65.65 billion, an increase of 62.4% over the N40.42 billion
recorded in the corresponding period of 2006.
Profit before tax rose by 44.5% from N13.17 billion in 2006
to N19.04 billion in 2007, while profit after tax grew by
47% from N10.23 billion in 2006 to N15.04 billion in 2007.
The Bank had posted a net profit of N20.37 billion for its
full year ended March 2007, making it Nigeria’s most
profitable bank in terms of profit available for
shareholders (i.e. profit after tax). The results were
applauded by shareholders who displayed overwhelming
confidence in the Bank given the success of its recent
hybrid offer which was significantly oversubscribed.
The outlook for the second half of the year, according to
management of the Bank, is upbeat. Considering some of the
strategic initiatives currently being implemented, it is
highly expected that second half performance will improve
even further.
The FirstBank Group, apart from the parent bank has nine
subsidiaries under its umbrella. They include FBN Bank (UK)
Limited, First Trustees Nigeria Limited, First Registrars
Nigeria Limited, FBN Insurance Brokers Limited, First Funds
Limited, FBN Mortgages Limited, First Pension Custodian
Nigeria Limited, FBN Capital Limited and FBN Bureau De
Change.
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