Up, Up Goes First Bank profit, declares dividend

First Bank of Nigeria plc, after keeping the market anxious for several weeks, has declared a cash dividend of 80 kobo for its 2011 trading year, with a hefty PAT of N44.8billion in tow.

According to analysts, the bank will explain to stakeholders the basis of the dividend allotment when it presents its Facts behind The Figures on 26 April.

The trading result must have offered some relief to the market as the bank’s stock recorded a N0.46kobo increase, jumping from N9.26 to N9.72, midway into trading in Lagos today.

According to the bank’s audited account made available by the Nigerian Stock Exchange today, the bank’s profit was N15 billion higher than the N29.17billion recorded in 2010. First Bank also reported an increased earnings of N296.3 billion, N64 billion higher than the turnover of N232 billion in 2010.

All the bank’s indices were on the upscale, according to the figures released.

Profit before tax was N50billion. In 2010, it was N33.76 billion.

The bank’s net interest income in 2011 was N183.4 billion, contrasting sharply with the N121.6 billion earned in 2010. The bank also grew its fixed assets from N53.9 billion in 2010 to N57.17 billion last year. Its net assets and deposits also recorded big leaps.

While in 2010, the deposits were N1.45 trillion. They increased to N1.94trillion last year.

The cash dividend according to the bank will be paid on 4 June, with the qualification date set for 27 April and AGM 31 May.