First Bank’s Post-Profit Declines 8% to N70.63bn Pays 110k Dividend

Although First Bank of Nigeria Holding Company Plc’s gross earnings rose 5.32 percent to N387.85billion, its profit after tax declined eight percent to N70.63 billion, while per-tax profit slowed 2.75 percent to N91.34 billion.
This is in spite of the fact that total operating expenses fell by 11.91 percent to N185.49 billion.
Interest income also moved higher by 9.57 percent to N323.62 billion while non-interest income fell by 11.91 percent to N64.23 billion.
Management proposed a total dividend of N1.10 and this translates to a yield of 8.53 percent using the closing price on Monday April 28, 2014.

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