By Peter Egwuatu, with agency report

First Bank of Nigeria Plc has announced a Profit Before Tax, PBT, of N40.7 billion for the unaudited nine months result ended September 30. This is against a loss of N6.6 billion recorded in the corresponding period of 2009.

The bank’s Profit After Tax, PAT, for the period under review stood at N32.5 billion as against a loss of N8.0 billion in corresponding period of 2009.

Total assets of the bank stood at N2.4 trillion, with a gross earnings of N177.1 billion, representing a decrease of 11 per cent compared with equivalent period in 2009.

Other highlights of the result show an operating income of N130.3 billion, a decrease of 5 per cent  (N137.6 billion September 2009); Operating expenditure of N83.9 billion (N71.3 billion September 2009).

The balance sheet of the bank for the third quarter show a total assets of N2.4 trillion, an increase of 20 per cent.