First Banks 2nd quarter results
November 25th, 2006 Ogbuotobo Chuks || chuks@stockmarketnigeria.com
By Ogbuotobo Chuks
For a financial institution that commands so much respect amongst its peers, it is always expected that First Bank Plc be result oriented. It is in line with this expectation that the company released it 2nd quarter result for it 2006 financial year.
In the second quarter, the financial guru recorded a growth of about 31.52 percent in turnover and 11.63 percent in profit after tax. Turnover increased from n31.34 billion to N41.23 billion, while profit after tax increased from N9.164 billion to N10.23 billion during the year under review.
At present, the earnings per share (EPS) of the company stands at N0.98, as it is expected that this index would stand at N2.25 or more by the end of its current financial year.
It would be recalled that the bank paid a N1.00 dividend and gave a bonus of 1 for 1 in its last financial year. This implies that the outstanding shares of the bank has doubled and of shareholders are to smile when receiving their next dividend, the company has to double its profit after tax for the last financial year.
First Bank Plc made a profit after tax of N17.4 billion in its previous year with an EPS of N3.36. The question now is if the bank can make a profit after tax of N34.8 billion in its current financial year. Lets keep our fingers crossed.
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