First Bank has announced a 12.4% increase in its profit before tax, reaching N147.0bn at the end of 2022 compared to N130.9bn in the same period of 2021.
The bank’s profit after tax also showed positive growth, rising by 9.8% to N129.4bn in December 2022 from N117.8bn in the corresponding period of 2021. These financial results were disclosed in First Bank’s financial statement for the Group’s 2022 final year and 2023 first quarter.
Dr. Adesola Adeduntan, the Chief Executive Officer of FirstBank (Commercial Banking Group), commented on the bank’s performance, stating that the Commercial Banking Group has continued its strong performance trajectory from the previous year.
He added, “We have achieved another set of robust results for FY 2022, with gross earnings increasing by 4.4% year-on-year to N748.6bn. Moreover, our profit before tax reached N147bn, marking a growth of 12.4% compared to the previous year.”
Despite facing unprecedented macro-economic challenges and a dynamic regulatory environment, the bank’s total assets also witnessed substantial growth of 18.1% year-on-year, reaching N10.1tn. Adeduntan attributed the impressive growth in profit before tax to a 58.3% increase in interest income, from N255.7bn to N357.2bn, driven by business growth and improved optimization of the bank’s balance sheet. He emphasized that this is in line with the bank’s Quantum Profitability Leap agenda.
Regarding the first quarter of 2023, First Bank reported a significant rise in profit before tax, reaching N53.5bn, a 57.0% increase compared to N34.1bn in March 2022. The profit after tax for Q1 2023 also showed positive growth, rising by 54.8% to N48.0bn from N31.0bn in Q1 2022.
Dr. Adesola Adeduntan further commented on the first quarter results, stating, “The FirstBank Group delivered an impressive performance in Q1 2023, with significant growth across key metrics.”
He also highlighted that the bank’s gross earnings demonstrated a substantial increase of 44.2% year-on-year, reflecting its ability to generate substantial revenue from core operations.