First Bank Nigeria Plc says its approved Holdings structure by the apex bank, which is still in the offing will witness modifications in shareholding between the transforming nomenclatures - “First Bank Nigeria Plc” and “First Bank Holding Company.”
Speaking at the Nigerian Stock Exchange on the occasion of the Facts behind the figures of the bank, the General Managing Director, Bisi Onasanya stated that while the banking business will remain, the divestment from Registrar business would be finalized in 2012. The Real Estate subsidiary would be spun-off but Insurance will be retained as subsidiary and the mortgage business will be merged with banking.
Onasanya says, “an Extra-ordinary General Meeting will possibly hold in July, 2012 to discuss the modalities with shareholders of its 12 subsidiaries.”
On Financials of the First Bank, the GMD says its “Year-on-Year (YoY) growth between 2010 and 2011 by 98% was generated through its corporate governance framework, devoid of unethical transactions with an aim to striking a balance between good governance and good returns to shareholders.”
The bank in Q1, 2012 further realized a growth record of 42% in Gross Earnings (YoY 2011-2012). Operating Income increased by 50% (surpassing the 2011 result) and the Profit After Tax (PAT) grew by 27%.
Giving detailed explanations on the priorities of the bank, Onasanya remarked, “The initiatives embarked upon by the bank - the Cash accepting ATM machines and the Biometric ATM system with iris integration, on track amongst other plans are driven by performance management.”
With customer base of 8million, first bank currently has 738 branches.