Bloomberg News

First Bank of Nigeria’s Profit Doubles, Revenue Rises 42%

May 02, 2012

First Bank of Nigeria Plc (FIRSTBAN), the West African nation’s third-largest lender by market value, said first-quarter profit doubled as revenue jumped 42 percent.

Net income rose to 24.5 billion naira ($155.7 million) in the three months through March from 12.2 billion naira a year earlier, the Lagos-based lender said in a statement today on the website of the Nigerian Stock Exchange. Revenue climbed to 92.3 billion naira from 64.8 billion naira.

“A good set of numbers which follows the general trend that has been prevalent to date,” Securities Africa, a Johannesburg-based brokerage, wrote in an e-mailed note to clients today.

First Bank, which in October agreed to buy Congo’s Banque Internationale de Credit, is looking to acquire another lender this year in West Africa, Chief Financial Officer Adebayo Adelabu said April 18. It also wants to add 120 branches in Nigeria to a total of 750, he said.

The bank’s loans and advances increased 12 percent to 1.89 trillion naira, compared with a year earlier, it said. Deposits climbed 8 percent to 2.29 trillion naira.

First Bank’s shares jumped 4.9 percent to 10.47 naira at the 2:30 p.m. close in Lagos, the commercial capital. The stock has gained 18 percent this year, compared with the 21 rise of the Bloomberg NSE Banking Index (NGSEB10), which tracks the performance of Nigeria’s 10 biggest banks.

To contact the reporter on this story: Chris Kay in Abuja at

To contact the editor responsible for this story: Gavin Serkin at

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