First bank Nigeria PLC has emerged the bank with the highest gross earnings for the third quarter of the year.
In its financial statement released to the Nigerian Stock Exchange, the lender reported gross earnings of N267.7 billion, representing an increase of 19 per cent.
Profit before tax climbed 48.4 per cent to N75.7 billion, up from N51.2 billion in 2011.
Net profit also came in higher at N66.2 billion, a N48.4 billion increase in headline profit.
In a statement following the release, Group Managing Director of the bank, Mr Bisi Onasanya, stated that “despite the challenging environment of tighter liquidity, high interest rates and security concerns, First Bank was able to maintain the improving trend recorded in the first quarter of the year.”
According to him, the bank benefited from its distribution strategy, innovative product development and responsiveness to customers’ needs.