First Bank’s Profit Increased By 12.4%.

First Bank announced that its profit before tax experienced a 12.4% rise, reaching N147.0bn at the end of 2022 compared to N130.9bn in the corresponding period of 2021. Additionally, its profit after tax increased by 9.8% to N129.4bn in December 2022 from N117.8bn in the same period of 2021. These financial results were disclosed in First Bank’s financial statement for the Group’s 2022 final year and 2023 first quarter results.

Regarding the outcomes, Dr. Adesola Adeduntan, the Chief Executive Officer of FirstBank (Commercial Banking Group), expressed satisfaction with the Commercial Banking Group’s performance, which followed the positive trajectory from the 2021 results. He mentioned that the bank achieved robust results for FY 2022, with gross earnings rising by 4.4% year-on-year to N748.6bn and a 12.4% year-on-year growth in profit before tax to N147bn. Despite challenging macro-economic conditions and a dynamic regulatory environment, the bank’s total assets also experienced an 18.1% year-on-year growth, reaching N10.1tn.

The notable increase in profit before tax was primarily driven by a 58.3% year-on-year growth in interest income, rising from N255.7bn to N357.2bn, attributed to business expansion and improved optimization of the bank’s balance sheet. This progress aligns with First Bank’s Quantum Profitability Leap agenda.

Furthermore, in the first quarter of 2023, First Bank’s profit before tax saw a significant 57.0% year-on-year rise to N53.5bn by the end of March 2022 compared to N34.1bn, while its profit after tax increased by 54.8% to N48.0bn in Q1, 2023 from N31.0bn in Q1, 2022.

Dr. Adesola Adeduntan commented on the Q1, 2023 results, stating that the FirstBank Group delivered an impressive performance, exhibiting substantial growth across key metrics. He highlighted a notable 44.2% year-on-year increase in gross earnings, demonstrating the bank’s ability to generate significant revenue from core operations.

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