First Bank of Nigeria
A stunning turnaround in the first half of this year, which has made it the most profitable bank in the country, has enabled First Bank of Nigeria (FBN) to capture the award this year.
Following a decline in net profit in 2002, the bank has rebounded strongly so far this year, boosting the figure by 163%. Its ROE at the end of June stood at an impressive 53.5%, far above the 28.7% level for 2002. Its cost-to-income ratio has fallen by 17% since the end of last year.
FBN’s strong performance in the highly competitive Nigerian market was a major factor in its rebound. The bank is a major player in nearly all aspects of the market, including retail banking, online banking, financing of SMEs credit cards and clearing.
The bank, which was the first in Nigeria to offer internet banking services, has pioneered other services, including mobile phone banking and the installation of cash machines around the country.
