First Bank’s Q1 profit up by 29%

First Bank of Nigeria Plc has announced a 29% increase in its profit before tax to ₦31.4 billion for the first quarter ended March 31, 2013.

A statement by the bank yesterday said the bank’s gross earnings stood at ₦99.5 billion, representing an increase of 13.5% year-on-year, from ₦87.6 billion recorded in March 2012.

The bank’s total assets also rose by 8.6% quarter-on-quarter to ₦3.5 trillion, from ₦3.2 trillion in December 2012, while the total customer deposits increased by 5.5% to ₦2.5 trillion, from ₦2.4 trillion in December 2012.

FBN Holdings
FBN Holdings Plc had said recently that its profit after tax increased by 306% to ₦75.7 billion in its financial year ended 31st December 2012 from ₦18.6 billion recorded in 2011.

Its 2012 financial results released to the Nigerian Stock Exchange (NSE) showed that the profit before tax increased by 158.5% year-on-year to ₦92.7 billion from ₦35.8 billion in 2011, benefiting from revenue growth, lower impairment charges and income from discontinued operations.

Consequently, FBN Holdings proposed payment of ₦1.00 per share dividend to its shareholders.

The Group’s tax expense came in at ₦17.0 billion, marginally lower by 1.1% from the prior year. This translated into an effective tax rate of 18.4%, which is significantly lower than the 48% recorded in 2011.