FirstBank Tops Nigerian Banks in Africa’s Top 100, Achieving Record Profits and Growth
First Bank of Nigeria (FBN) has been ranked as the leading Nigerian bank in the prestigious African Business Magazine’s top 100 banks in Africa. With a capital base of $1.9 billion, FirstBank also secured the 15th spot on the continent, surpassing major competitors like Access Bank and Zenith Bank, which came in second and third, respectively. A total of eight Nigerian banks made the list.
Key Financial Achievements:
1. Record Profit:
FBN Holdings Plc, the parent company of FirstBank, reported an after-tax profit of N310.4 billion in 2023, marking a historic achievement for the bank, which has been in operation for over 130 years. This represents a substantial increase from N136.3 billion in the previous year.
2. Revenue Growth:
FirstBank's net interest income surged by 51%, reaching N548.9 billion, while fees and commissions climbed by 64%, hitting N193.1 billion. These numbers highlight the bank's success in blending institutional and transactional banking models.
3. Loan and Deposit Expansion:
The bank doubled its loans and advances to N8.3 trillion from N4 trillion, while deposits grew by 53%, reaching N12.4 trillion. Total assets also increased from N10.5 trillion to N16.9 trillion.
4. Global Recognition:
FirstBank, along with eight other Nigerian banks, also earned a spot in The Banker’s top 100 African banks. The list is dominated by South African, Egyptian, and Moroccan banks, with Nigeria trailing Egypt in terms of the number of banks featured.
Despite challenges like currency fluctuations and economic instability, FirstBank's exceptional performance cements its position as a leader in Nigeria's financial sector and a top contender in Africa.
First Bank of Nigeria (FBN) has been ranked as the leading Nigerian bank in the prestigious African Business Magazine’s top 100 banks in Africa. With a capital base of $1.9 billion, FirstBank also secured the 15th spot on the continent, surpassing major competitors like Access Bank and Zenith Bank, which came in second and third, respectively. A total of eight Nigerian banks made the list.
Key Financial Achievements:
1. Record Profit:
FBN Holdings Plc, the parent company of FirstBank, reported an after-tax profit of N310.4 billion in 2023, marking a historic achievement for the bank, which has been in operation for over 130 years. This represents a substantial increase from N136.3 billion in the previous year.
2. Revenue Growth:
FirstBank's net interest income surged by 51%, reaching N548.9 billion, while fees and commissions climbed by 64%, hitting N193.1 billion. These numbers highlight the bank's success in blending institutional and transactional banking models.
3. Loan and Deposit Expansion:
The bank doubled its loans and advances to N8.3 trillion from N4 trillion, while deposits grew by 53%, reaching N12.4 trillion. Total assets also increased from N10.5 trillion to N16.9 trillion.
4. Global Recognition:
FirstBank, along with eight other Nigerian banks, also earned a spot in The Banker’s top 100 African banks. The list is dominated by South African, Egyptian, and Moroccan banks, with Nigeria trailing Egypt in terms of the number of banks featured.
Despite challenges like currency fluctuations and economic instability, FirstBank's exceptional performance cements its position as a leader in Nigeria's financial sector and a top contender in Africa.