First Bank of Nigeria, an eminent commercial bank in the Federal Republic of Nigeria, other parts of Africa, and Europe has defied the harsh economic challenges inflicted on the global economy by the coronavirus outbreak to record a stunning profit of US$130m in the H1 of 2020.
According to Africaincmag.com, FBN holding’s profit after tax rose translated to by 56.3 percent year-on-year increase from US$82.48 million recorded in the corresponding period of 2019.
The Group Managing Director, FBN Holdings, Urum Kalu Eke said “The H1 2020 financial results are impressive and reconfirm our consistent focus on enhanced shareholder value”.
He added “The 56.3 percent y-o-y growth in profit after tax for the period is a testament to the strength of our organization to continually deliver exceptional services to our customers in these unprecedented times.”
He continues, “We have been able to achieve this feat by leveraging our agent banking network, innovative e-banking capabilities, and operational efficiency utilizing technology.”
Urum Kalu Eke said he bank has been more focused on its primary business of banking, “During the quarter, we successfully divested from the underwriting (insurance) businesses to focus on our banking operations.”