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FirstBank’s half year profit hits 31.7bn

FirstBank, Nigeria Plc  said yesterday that it posted a pre-tax profit of N31.69 billion  ($211 million) in the first six months of this year, up from N4.30 billion in the same period last year.

Gross earnings at FirstBank dropped to N122.25 billion from N131.08 billion, the company said in a filing to the Nigerian Stock Exchange.

…as Bank PHB posts N488bn loss

Meantime, Bank PHB also, yesterday, reported a full year 2009 pre-tax loss of N488 billion ($3.25 billion) compared to a profit of N27.19 billion the previous year.

The company’s gross earnings rose to N160.04 billion from N89.24 billion in 2008. The bank returned to profitability in the first quarter of 2010 with N4.35 billion.

Gross earnings for the first quarter were estimated at N19.83 billion, Bank PHB said in a filing to the Nigerian Stock Exchange.


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