Favour567
The bank also recorded an appreciable reduction in the cost of funds from 3.6 per cent in 2015 to 2.1 per cent in 2022.
Lower Rate of NonPerforming Loans
However, one major development is the ability of the banks leadership to free the institution from the burden of nonperforming loans which trended down from 45 per cent in 2015 to 5.6 per cent in 2022.
In response to the ongoing turnaround of the bank initiated in 2015, the latest performance figures showed that the African subsidiaries of the bank have shed their negative position of 2015 to profitability and they indeed contributed 21.3 per cent of its PBT for the year under review.
Perhaps, the most visible indication that FirstBank has returned to profitability is the quantum jump in its share price which moved from N4.88 to N14.17.
First Banks Laudable Firsts
Industry watchers said the banks return to solid profitability can also be assessed in terms of its areas of concentration as a growing concern.
Its on record that FirstBank has many records of being the first.
Overall, the Commercial Banking Group delivered substantial growth of 57 per cent and 54.8 per cent in profit before tax and profit after tax, respectively, for the quarter.
The Making of a Transactionled Institution
Another gamechanger in the story of the transformation of FirstBank was the conscious attempt of the board and management to make the bank a transactionled institution.
Analysts said the feat was achievable because of the commitment of the banks management to invest and deploy technology to the fullest.
For instance, FirstBank is the first to begin the Technology Academy in Nigeria and this has helped the bank to build a transactionled machine a digital infrastructure that can accommodate huge transactions.
Analysts are quick to remind us that if we factor in the fact that most of the agent bankers usually employ about two additional staff, what it means is that FirstBank has empowered about 600,000 people.
Performance Indicators
To show for its policy consistency, innovation and its recovery measures since 2015, a comparative analysis of the performance indicators in the banks statement of account between the 2015 and 2022 figures confirmed analysts vote of confidence in the board and management of FirstBank.
For instance, the bank has significantly grown its customer deposit from N2.905 billion in 2015 to N7.351 billion in 2022.