FBN posts N118bn profit in 2021

FIRST Bank of Nigeria Limited, the banking subsidiary of FBN Holdings Plc has posted a profit after tax of N117.8 billion, a 73.9 per cent increase from N67.8 billion posted in 2020.

According to the company’s 2021 full-year financial results submitted to the Nigerian Exchange Limited (NGX), the company made a Profit Before Tax was N130.9 billion, representing a 77.9 per cent increase from N73.6 billion reported in 2020.

Non-interest income also grew by 106.4 per cent to N342.2 billion from N165.8 billion on the back of increased fees and commission income, treasury activities and other operating income.

Commenting on the results, Dr Adesola Adeduntan, Chief Executive Officer of FirstBank Group said following years of strategic restructuring of the Bank’s balance sheet and operations, the Commercial Banking business is beginning to transition into a sustained growth phase delivering performance commensurate to the size of the business and capabilities of our people.

“This performance was driven by a relentless focus on the needs of customers and improving the competitiveness of our offerings. We have sharpened our ‘Go To Market’ approach to better leverage the opportunities which our large scale provides in addition to becoming more relevant to our clients by improving our value propositions.

“This performance is also in line with the Bank’s Quantum Profitability Leap agenda which seeks to ensure that we fully maximise the revenue-generating capacity of our business to boost the bottom line and fulfil the expectations of all stakeholders in the business.

“The demonstrated resilience of our franchise to headwinds and excellent risk management capabilities place us in a good position to weather any macro-economic shocks which may arise due to the volatile nature of the current operating environment. Our Non-performing loans ratio at the end of the year was 6.1 per cent which represents significant progress toward those of other Tier 1 banks and the regulatory threshold of 5.0 per cent.

We will continue to leverage our investments in digital platforms, IT infrastructure, people, and pan-African operations to ensure this growth trend is sustained,” Adeduntan said.

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