Nigeria’s First Bank sees earnings fall by 66%

Nigerias largest lender, First Bank of Nigeria (FBN), has posted net earnings for the 12 months to 31 March down by 66 percent to NGN12.6 billion ($84.7 million), compared with NGN36.7 billion in the previous year, due to a diminution in the value of investments occasioned by the situation in the capital market, according to a statement from the bank. While FBNs revenue was up more than 40 percent year-on-year at NGN218.3 billion, boosted by deposits and loans growth of 70 percent and 59 percent respectively, it wrote off exceptional items of NGN26.1 billion during the year.

Nigeria’s largest lender, First Bank
of Nigeria (FBN), has posted net earnings for the 12 months to 31
March down by 66 percent to NGN12.6 billion ($84.7 million),
compared with NGN36.7 billion in the previous year, due to a
“diminution in the value of investments occasioned by the situation
in the capital market,” according to a statement from the bank.

While FBN’s revenue was up more than 40
percent year-on-year at NGN218.3 billion, boosted by deposits and
loans growth of 70 percent and 59 percent respectively, it wrote
off exceptional items of NGN26.1 billion during the year.

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Release of FBN’s results coincided with news
the bank had received regulatory approval from the China Banking
Regulatory Commission to set up a representative office in Beijing;
it already has a presence in the UK, France and South
Africa.