FIRSTBANK of Nigeria, on Tuesday, announced its unaudited International Financial Reporting Standards (IFRS) compliant results for the half year ended June 2012.

Key highlights of the result showed 125 per cent rise in profit before tax, which is N54.1 billion, as against N24.1 billion in the corresponding period of 2011.

Growth in gross earnings rose to N182.3 billion, representing 26 per cent as against N145.1 billion in 2011.

The bank’s cost to income ratio increased by 58.3 per cent; impairment charge for credit losses of N9.1 billion and year-on-year increase of 17 per cent in net loans and advances to customers to N1.5 trillion.

Commenting on the results, Group Managing Director of the bank, Mr Bisi Onasanya, said the group’s recorded profit before tax was driven by strong revenue growth, lower impairment charges and modest growth in operating expenses, adding that it translated into annual after tax return on equity of 25 per cent.

He said the results continued to demonstrate the resilience of the bank.

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