First Bank Holding of Nigeria declares 108% increase in profit to N32.401bn in Q1 2022
By Philemon Adedeji
First Bank Holding of Nigeria has declared its unaudited financial statement for the first quarter ended 31st March 2022, declaring increase in profit to 108 per cent which rose significantly from the sum of N15.599 billion in the corresponding period of 2021 to the sum of N32.401 billion in the preceding period of 2022.
Under the platform of Nigeria Exchange Limited (NGX), profit before tax reported by the group for the period grew significantly by 93 per cent to the sum ofN36.518 billion in the preceding period of 2021 from the sum of N18.905 billion in the corresponding period.
The group unaudited results indicated that gross earnings of N136.575 billion recorded in the first quarter of 2021 to N180.483 billion recorded in the comparable period first quarter in 2022, First bank Holding of Nigeria has recorded a 32 per cent growth in gross earnings during the first quarter ended 31st March 2022.
Another top-line performance of unaudited financial statement recorded by the group growth in operating income, which appreciated by 54 per cent to the sum of N37.325 billion in three months of 2022 from the sum of N24.191 billion in three months of 2021, This is even as net interest income recorded a significant jump of 38 per cent to the sum of N72.796 billion in first quarter of 2022 from the sum of N52.793 billion in first quarter of 2021.
But, fee and commission income reported for the period under review remained challenged which depreciated by 4 per cent to the sum of N27.323 billion in first quarter of 2022 from the sum of N28.427 billion in first quarter of 2021.
However, Net interest income after impairment charges for losses stood at N64.045 billion during the end of three months of 2022 in contrast to the sum of N39.618 billion recorded during the three months of 2021, this unaudited results showed that there is an impressive difference of 62 per cent.
The group unaudited results ended 31st March indicated deposits from customers increased by 5 per cent year-on-year (y-o-y) to N6.139 trillion in first quarter of 2022 to N5.849 trillion in first quarter of 2021, the bank investment in agent banking, digitalisation and also deployment in digital platforms which many customers have adopted improved customers penetration.
ANALYSIS FROM BALANCE SHEET
In the unaudited results reported by the group, the group recorded total assets as growth total equity and total liabilities increased in equal percentage.
The group total assets declared for the period of three months in 2022 stood at the sum of N9.205 trillion in contrast to the sum of N8.932 trillion recorded in first quarter of 2021, this result showed a marginal difference of 3 per cent, for the unaudited results and accounts for the period ended 31st March 2022.
As total liabilities which also increased by 3 per cent to the sum of N8.296 trllion in first quarter of 2022 from the sum of N8.052 trillion in first quarter of 2021.
In addition, the group announced total equity which revealed a marginal difference of 3 per cent to the sum of N896.813 billion in three months of 2022 from the sum N869.451 billion in three months of 2021.
