First Bank profit after tax drops by N14.90bn in 2022, up in Q1 2023

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First Bank of Nigeria (FBN) Holdings recorded a 9.8% drop in net profit at the end of 2022, despite growing its total earnings and Net Interest Income during the period.

In FBN Holdings’ Separate and Consolidated Financial Statements for the year ended December 31, 2022, released on Friday, First Bank reported that its gross earnings increased by 6.31 per cent.

The company’s gross earnings had closed 2021 with N757.29 billion, however, FBN reported that the total revenue generated last year was N805.12 billion.

Similarly, First Bank’s Net Interest Income rose to N363.24 billion during the review period, rising by 59.1% or N135 billion when compared to the N228.24 billion posted the year before.

However, the commercial bank couldn’t surpass the N151.07 billion Profit After tax recorded in 2021, as its net profit dropped by –9.8% or N14.90 billion the year after.

Meanwhile, in the first quarter (Q1) of this year, which falls between January to March, First Bank reported that its Net Interest Income grew by 53.6%.

The Net Interest Income ended the first quarter with N111.84 billion in 2023 Q1, against the N72.79 billion posted during the same period in 2022.

FBN’s profit after tax in Q1 this year also experienced growth, with the company’s Income Statement for the period showing N50.05 billion, which is above the N31.40 billion the firm generated as net profit the corresponding quarter last year.

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