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First Bank Holdings Records N270 Billion Pre-tax Profit In Q3, 2023

First Bank Nigeria Holdings Plc. has recorded a pre-tax of N270 billion for the third Quarter of 2023, with an 80.1 per cent increase in gross earnings. This was revealed in the company’s unaudited financial results for the period ending September 30, 2023.

While commenting on the results, Nnamdi Okonkwo, Group, Man­aging Director at First Bank said, “Over the period, we have de­livered a strong performance and growth enabled by focused execution of our stra­tegic plans. Gross earnings were up by 80.1%, while our profit before tax grew by 156% year-on-year”.

According to the bank, its Basic Earnings Per Share (EPS) is computed as profit after tax including discontinued operations divided by the weighted average number of shares in issue, while Post-tax return on average equity is computed as annualised profit after tax attributable to shareholders divided by the average open­ing and closing balances attributable to equity holders

The Post-tax return on average assets was computed as annualized profit after tax divided by the average opening and closing balances of its total assets.

The Earnings yield was computed as annualised Interest income divided by the average opening and closing balances of interest-earning assets (Less financial as­sets at fair value through profit and loss plus unlisted debts), while the Interest margin was computed as annualised net interest income divided by the average opening and closing balances of interest-earning assets (Less financial assets at fair value through profit and loss plus unlisted debts.

The Cost of funds is computed as annu­alised interest expense divided by average interest-bearing liabilities, while the Cost-income ratio is computed as operating expenses divided by operating income.

The NPL coverage was computed as total allowance for impairment plus regulatory risk reserve divided by total stage 3 loans, while the PPOP – Pre-provi­sion operating profit was computed as the sum of operating profit and impairment charge.

The Cost of risk is computed as annualized credit impairment charges divided by the average opening and closing gross loan balances, while Percentage change could vary due to rounding up of num­bers.

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