FirstBank pays N56bn to Firstmonie agents as commission in 4 years

By Babajide Komolafe, Economy Editor

FBN Holdings, the parent company of First Bank Limited has declared a 99.1% growth in profitability to N166.7 billion for the full year ended December 2021.

The Company disclosed this in its audited financial statements for the year ended December 2021, adding that the growth in profitability which defied decline in net interest income, was driven by 96.1% upsurge in Non Interest income during the year, to N364.6 billion in 2021 from N185.9 billion in 2020.

Among other things, the audited results showed that gross revenue rose by 28.2% to ₦757.3 billion in 2021 from N590.7 billion in 2020

This follows a 30.0% growth in loans and advances to ₦2.9 trillion from N2.22 trillion in 2020, as well as a 19.5% increase in Customers Deposit to N5.9 trillion in 2021 from N4.9 trillion in 2020.

Furthermore, the company recorded a 16.2% growth in total assets to ₦8.9 trillion in 2021 from N 7.7 trillion in 2020.

Also enhancing the profitability growth, was improvement in the Asset Quality and Risk Management of the company, which led to further reduction in Non-Performing Loan (NPL) ratio to 6.1% from 7.7% in 2020.

Commenting, Group Managing Director, FBN Holdings Plc, said: “Our performance over the course of 2021 is reflective of the resilience of the Group and underpins our growth strategy to generate sustainable value for all our stakeholders. As a Group, we are acutely aware of the macroeconomic challenges facing businesses and remain focussed on carefully navigating the environment through innovation and by putting our customers at the centre of our attention.

“As a financial service holding company, driving synergies remains a critical part of our strategy and has been integrated into every aspect of our delivery model. We pride ourselves in the uniqueness of our diversified portfolio and the collaborative ecosystem that we have built around our lines of business, our customers, and the unique value proposition that we deliver. We are also increasingly leveraging technology – artificial intelligence, robotics, and other next-generation technological advancements, to deepen collaboration and further drive operational efficiency across the Group.

“In 2022, our strategic focus is on revenue generation through digital channels and retail product offerings, further driving our synergy potential as well as continuing to improve our operating model to deliver more efficiencies”.


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