In line with its strategy of accelerated growth, First Inland Bank Plc has grown its balance sheet size by 145 per cent

A statement from the bank on Friday, stated that in its 2008 financial result, total assets and contingents rose by N332bn or 121 per cent, from N275bn as at April 2007 to N607bn in 2008.

Its off-balance sheet engagements rose by 73 per cent, from N94bn to N163bn.

The bank had continued to focus on generating fee-earning transactions and increasing market share to improve profitability, the statement added.

Deposit base rose by 166 per cent from N147bn to N391bn in the period under review..

According to the statement, with its integrated marketing strategy, the bank is geared towards achieving a stable and low cost deposit base.

The current emphasis on demand deposits, service delivery and relationship management would ensure that the deposit mix remained tilted towards low cost funds, it added.

The bank’s gross earnings also rose by 37 per cent from N27bn recorded in 2007 to N37bn.

The shareholders’ funds as at April 30, 2008, however, stood at N10bn.

The statement attributed the reduction to goodwill written-off, adding that it had shored up its shareholders’ funds to over N106.8bn from the public offer concluded in the second quarter of 2008.

The offer proceeds were approved by the Securities and Exchange Commission in August last year, and as such, were not reflected in the bank’s financial statements as at April 30, 2008.

“The bank is poised to take advantage of its enhanced capitalisation and market presence. The key initiatives of rebranding, acculturation, service excellence, strategy refinement, products deployment and performance management are being fully implemented to achieve a superior market position in the current financial year,” It said.

In order to align its business processes, the statement noted that an Enterprise Risk Management framework has been put in place in such a manner that will promote consistent growth and increase stakeholders’ value.