The bank’s unaudited result for the six months ended June 30, 2019 (H1), showed gross earnings of ₦294.2 billion, representing 0.3 per cent rise compared to ₦293.3 billion posted in the corresponding period in 2018.
While Profit before tax stood at ₦39.9 billion, up from ₦38.9 billion year-on-year. Non-performing loans (NPLs) ratio for the Commercial Banking Group as of June 2019, stood at 14.2 per cent down from 25.5 per cent recorded in full year 2018.
Furthermore, the bank’s operating income stood at ₦210.3 billion, down 0.3 per cent from ₦210.9 billion posted a year ago. The bank also recorded a net-interest income of ₦146.7 billion, against ₦149.6 billion achieved last year.
The Chief Executive Officer, FirstBank, and Subsidiaries, Dr. Adesola Adeduntan, said the progress in its legacy NPL resolutions clearly reflects its resolve towards achieving a single-digit NPL ratio by year-end. According to him, the performance creates significant headroom for increased business opportunities and enhanced earnings especially in the Oil & Gas sector of the economy.