First Bank of Nigeria Plc has announced an impressive result for its half year ended September 30, 2007. The results announced on the floor of the Nigerian Stock Exchange on Thursday, November 1, 2007 indicated gross earnings of N65.65 billion, an increase of 62.4 per cent over the N40.42 billion recorded in the corresponding period of 2006.

Profit before tax rose by 44.5 per cent from N13.17 billion in 2006 to N19.04 billion in 2007, while profit after tax grew by 47 per cent from N10.23 billion in 2006 to N15.04 billion in 2007. The Bank had posted a net profit of N20.37 billion for its full year ended March 2007, making it Nigeria’s most profitable bank in terms of profit available for shareholders (i.e. profit after tax). The results were applauded by shareholders who displayed overwhelming confidence in the Bank given the success of its recent hybrid offer which was significantly oversubscribed.

The outlook for the second half of the year, according to management of the Bank, is upbeat.
Considering some of the strategic initiatives currently being implemented, it is highly expected that second half performance will improve even further.

The FirstBank Group, apart from the parent bank has nine subsidiaries under its umbrella. They include FBN Bank (UK) Limited, First Trustees Nigeria Limited, First Registrars Nigeria Limited, FBN Insurance Brokers Limited, First Funds Limited, FBN Mortgages Limited, First Pension Custodian Nigeria Limited, FBN Capital Limited and FBN Bureau De Change.