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First Bank earns N218.3bn in 2009

Commenting on the results, Stephen Olabisi Onasanya, Group Managing Director of First Bank, said:  “Despite the challenging market conditions, First Bank continues to capitalise on…

Commenting on the results, Stephen Olabisi Onasanya, Group Managing Director of First Bank, said:  “Despite the challenging market conditions, First Bank continues to capitalise on its well established value chain in Nigeria’s financial services sector and has achieved another year of strong organic revenue growth. Recognition of the Bank as one of the strongest and most dependable banks in Nigeria, especially in a time of global downturn, has driven considerable growth in our deposit base, with the total group’s deposit liabilities increasing by 71% to N1.2 trillion.

Furthermore, strong year-on-year growth was recorded across all business lines. This is a fantastic achievement and First Bank is well positioned to continue to grow its asset base supported by a sustained robust capital position with a strong capital adequacy ratio of 24.69% and stable funding.”