First Bank of Nigeria Limited has received accolades from different organisations both internationally and locally for its outstanding performance and exceptional service delivery in the banking business.
AMAKA IFEAKANDU in this report looks at some of the bank’s recognition and awards received in the first half of 2023.
The First Bank Nigeria Limited, a leading financial services provider has continued to advance in its vision to become Africa’s Bank of First choice.
The bank recorded significant growth at the end of 2022 financial year result and first half of 2023 operation despite harsh operating environment experiencing in the country.
Its outstanding performance has position the bank higher among it’s peers in the nation”s banking industry.
FirstBank financial performance
The bank in its full year 2022 financial result reported gross earnings of N748.7 billion against N716.8 billion reported in the preceding year, representing a surge of N39.9 billion or 4.45 per cent year-on-year.
Its profit before tax rose by 12.4 per cent to N147.0 billion at the end of 2022, from N130.9 billion achieved in the corresponding period of 2021 while profit after tax rose by 9.8 per cent to N129.4 billion at the end of December 2022 from N117.8 billion in the same period of 2021.
The bank also sustained the growth profile in its first half of 2023 operations, as it’s gross earnings grew by 82.4 per cent to N607.7 billion from N333.2 billion reported in the same period of 2022.
The bank six months result showed that net interest income up 52.1 per cent to N232.6 billion from N108.1 billion achieved in the comparable period of last year while non interest income rose by 112 per cent year on year to N229 billion from N108.1 billion reported comparative period of 2022.
First Bank reports operating expenses of N222.0 billion, a surge of 24.7 per cent y-o y against N178.0 billion recorded in the same of last year.
Analysis of the Bank’s performance in first half of 2023 showed that profit before tax rose to N188.8 billion, an increase of 214.6 per cent y-o-y against N60.0 billion at the end of June 2022.
Profit after tax stood at 174.9 billion, growing by 228.3 per cent y-o-y from N53.3 billion reported in the previous year.
Total assets up by 34.8 per cent year to date to N13.6 trillion from N10.1 trillion reported in December 2022
Track record
FirstBank’s outstanding performance and services have attracted numerous recognitions and awards most especially on the Bank’s delivery of excellent banking services to its customers across Sub-Saharan Africa.
These accolades and achievements attest to the Bank’s exceptional commitment to promoting national, regional and global economic growth and development through constructive engagements with the public and private sectors of various economies, and our host communities across the globe.
The bank in the first half of this year has received recognition from different organisation within and outside the country for it’s exceptional performance and deploying dependable technology for it’s banking operations.
FirstBank 2023 recognitions and awards
Based on its notable service delivery this year, FirstBank recognised as the Best Private Bank for Sustainable Investing in Africa Award 2023 by Global Finance.
The Award acknowledges and applauds FirstBank’s exceptional attention to the unique requirements of high net-worth individuals as they seek to increase, protect and pass on their wealth.
The bank was named the Best Financial Inclusion service provider in Nigeria 2023 by Digital Banker Africa and African Bank of the year by African Leadership Magazine.
The bank’s recognition was for its exceptional performance and achievement in spearheading the market with innovative financial solutions aimed at addressing the needs of underserved communities.
The organisation achieved this by employing dependable, secure, and advanced technology that is both robust and cost-effective for its agents and customers.
The bank also won Next 100 Global awards – Retail banking segment and Next 100 Global awards -Digital Experience Centre organized by Global Banking & Finance .
The two awards were presented to FirstBank in appreciation of its sterling performance in the Retail Banking sector and for its prominent role in promoting innovation by launching the Digital Experience Centre.
The bank within the year received recognition as Best Corporate Bank Western Africa 2023 and Best CSR Bank Western Africa 2023 from Global Banking Finance Awards.
The Bank attained this height based on its remarkable achievement in providing exceptional corporate banking services across Western Africa.
The bank won Best CSR award for the impactful implementation of its SPARK initiative infostering and advancing conscious acts of kindness across West Africa.
The bank awarded Best Retail Bank – Nigeria 2023 by International Finance Awards.
The Award recognises FirstBank’s unwavering commitment to advancing financial inclusion through its extensive branch network, Agency Banking and cutting-edge digital solutions that provide a wide range of retail products.
First Bank recognised as the ” Most Innovative Retail Banking Product –FastTrack ATM – Nigeria 2023 by International Finance Awards.
The Award was given to FirstBank for demonstrating its commitment to innovative financial solutions by pioneering the FastTrack ATM.
The touchless solution enables USSD string or mobile banking app to initiate and later complete transactions by tapping contactless Near Field Communication card on a designated ATM.
The bank at the same period of year awarded Financial Institution of the Year 2023 by Afreximbank Pan-African Business and Development Awards.
This award was presented to the bank at The Pan African Business and Development Awards hosted by the African Export-Import Bank (Afreximbank) in association with the Business Council for Africa, in Accra, Ghana for its excellent performance in the business and financial sector.
First Bank’s view
Commenting on the award from Afreximbank, the Group Head, Marketing and Corporate Communications, FirstBank, Mrs Folake Ani-Mumuney, said in a statement that the award received was in recognition of the bank as an epitome of the Pan-African spirit through its role in promoting trade and investment across the continent.
She added that the bank’s role had been instrumental to strengthening the economic and multilateral business relationship across nations.
“Amongst its role in facilitating transactions across borders, in 2021, the bank launched its First Global Transfer (FGT) initiative.
“This is specifically designed to ensure safe, timely and improved efficiency in the transfer of funds across the network of FirstBank subsidiaries in Africa.
“The FGT is not restricted to FirstBank Group’s Customers alone but it is also open to every individual residents in the country the funds transfer is originating from,” she said.
The statement also quoted Chief Executive Officer, FirstBank, Dr Adesola Adeduntan, as saying, “We thank the organisers of the event; Afreximbank and BCA for the recognition.
“It reinforces our commitment to promoting trade, finance and investment opportunities across borders which have been instrumental to the continued growth and development of the continent and the world.
“On behalf of the board and management, this award is dedicated to all employees at the FirstBank Group for their diligence and hard work as well as to our esteemed customers for their loyalty and patronage in over 129 years of existence’’ he said.
