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First Bank records 23% growth in half-year profit


LAGOS – First Bank of Nigeria, FBN, Plc, has recorded a 23.33 per cent growth in profit after tax in its half year 2011 financial performance.

In its unaudited results for the half-year ended June 30, 2011, presented to Nigerian Stock Exchange, its after-tax profit rose to N31.26 billion compared to N25.35bn recorded in the same period in 2010.

Its gross earnings grew by 14.24 per cent to N139.7bn compared to N122.28bn recorded in 2010, while it recorded a profit before tax of N35.73bn, rising by 12.76 per cent from N31.69bn recorded in 2010.

The bank recorded total assets of N2.9 trillion, up 28.8 per cent from N2.3 trn recorded in June 2010, deposits stood at N1.9 trn, rising by 34.6 per cent from N1.4 trn recorded in 2010.


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