FirstBank Posts Strong Q3 Results, Eyes Further Growth

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Chief Executive Officer, FirstBank, Dr Adesola Adeduntan

First Bank of Nigeria Limited has announced it’s financial results for the third quarter of 2023, with prospects for its future growth. The bank posted a 79% increase in gross earnings to N922.2 billion compared to the same period last year.

According to Group Managing Director, Dr. Sola Adeduntan, this performance demonstrates FirstBank’s commitment to supporting economic growth while remaining profitable.

While he revealed how the bank grew its loan book by 34% year-on-year to N4.6 trillion as of September 2023, with over N1 trillion in additional loans disbursed to customers within the year, Adeduntan said the bank looks forward to do even more for its shareholders.

FirstBank, according to the GMD, will continue to leverage both organic and inorganic growth strategies to achieve scale and deliver value to shareholders. “At FirstBank, we leverage both organic and inorganic growth strategies to achieve scale and deliver improved shareholder value,” he said.

The GMD declared that FirstBank has built an enduring risk culture and governance system to maintain sound asset quality, with its non-performing loan (NPL) ratio currently within the Central Bank of Nigeria’s 5% threshold.

According to him, FirstBank remains focused on the highest standards of corporate governance and regulatory compliance. “As a bank, we remain committed to the highest standard of risk asset quality, and we will continue to work with our clients to ensure this is always achieved,” Adeduntan affirmed.

FirstBank of recent, pioneered the use of humanoid robots and artificial intelligence in its digital branches, which, Adeduntan noted “underscores the central role modern technology now plays in the Bank’s operations and overall service delivery strategy.”

With the CBN recently directing banks to prepare for recapitalization to support economic growth, Adeduntan said FirstBank will explore all options, including acquisitions, to ensure compliance and maintain its competitive edge within the industry.

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