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First Bank of Nigeria’s Profit Triples as Income Advances

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April 30 (Bloomberg) -- FBN Holdings Plc, owner of First Bank Nigeria, the West African nation’s third-largest lender by market value, said full-year profit more than tripled as income advanced.

Net income rose to 75.7 billion naira ($479 million) through December from 18.6 billion naira a year earlier, the Lagos-based lender said in a statement today on the website of the Nigerian Stock Exchange. Revenue rose 31 percent to 359.8 billion naira while interest income climbed 27 percent to 287.3 billion naira.

“We sustained our predominantly low-cost deposit funding base, achieving a year-on-year deposit growth of 23 percent,” Chief Executive Officer Bisi Onasanya said today in an e-mailed statement. “The retail banking business continues to be the major driver of low cost deposits.”

The lender’s shares rose for a third day by 0.6 percent to 20.05 naira in Lagos, the commercial capital. The stock has gained 27.5 percent this year, compared with the 14.7 percent rise of the Bloomberg NSE Banking Index, which tracks the performance of Nigeria’s 10 biggest banks.

To contact the reporter on this story: Emele Onu in Lagos at eonu1@bloomberg.net

To contact the editor responsible for this story: Dulue Mbachu at dmbachu@bloomberg.net

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