First Bank Plc

[duduspace]

Originally Posted by Oracle

There is a problem with the bank. If you check Nigerian stock exchange site, you wıll see where they put a notice: FACTS BEHIND FIGURES. See link below.

Events - First Bank of Nigeria Plc - Facts Behind...


We no see figures but them wan explain facts.

Nkan be!

Oga Oracle, I think say Olugboun go don show you something about this stock naa? you nor be Oracle again? abeg nack opele for ground naa in case we need to start shouting at our legs.

[knightofdelta]

Originally Posted by duduspace

Oga Oracle, I think say Olugboun go don show you something about this stock naa? you nor be Oracle again? abeg nack opele for ground naa in case we need to start shouting at our legs.

80 kobo dividends in the offing...

[BigSeun]

Originally Posted by knightofdelta

80 kobo dividends in the offing...

KoD,
Yes you r very right and the result is likely to be out today or at most tomorrow

[horlads]

Originally Posted by knightofdelta

80 kobo dividends in the offing...

Originally Posted by BigSeun

KoD,
Yes you r very right and the result is likely to be out today or at most tomorrow

They said the results will be out on 24 April nauw...abi dem don change am again...

[cashrules]

Originally Posted by knightofdelta

80 kobo dividends in the offing...

Originally Posted by BigSeun

KoD,
Yes you r very right and the result is likely to be out today or at most tomorrow

This very much confirms the theory of enough Insider trading in the NSE...

Ok, when will the result be officially out? cos am sure its already with CBN for approval and hopefully with NSE for broadcast!

[dayoadebayo]

Firstbank Pays 80kobo dividend NIGERIAN STOCK EXCHANGE MARKET ANALYSIS

Its out

[baotoghile]

FIRST BANK OF NIGERIA PLC
April 17th 2012 Audited Results (Dec, 2011)

Profit and Loss Information
Gross Earnings 31-12-11 N296.329b 31-12-10 N232.079b
Net Interest Income 11 N183.447b 10 N121.667b
Net Fee & Commission Income 11 N61.721b 10 N44.989b
FX, Investments & Other Income 11 N14.066b 10 N11.406b
Operating Expenses 11 (N147.358b) 10 (N119.274b) Group’s
Share of loss & Provision for Loan losses 11 (N46.321b) 10 (N25.247b) Exceptional Items 11 (N15.489b) 10 N226m
Profit before Tax 11 N50.066b 10 N33.767b
Taxation 11 (N5.281b) 10 (N4.590b)
Profit after Tax 11 N44.785b 10 N29.177b

Balance Sheet Information
Fixed Assets 31-12-11 N57.171b 31-12-10 N53.998b
Investment in Securities 11 N572.853b 10 N337.181b
Treasury Bills 11 N187.457b 10 N23.769b
Loans & Advances 11 N1.235b 10 N1.127b
Cash and Bank Balances 11 N199.227b 10 N75.517b
Other Debit Balances 11 N587.050b 10 N686.321b
Deposits 11 N1.947b 10 N1.450b
Other Credit Balances 11 N526.085b 10 N515.386b
Net Assets 11 N365.485b 10 N339.205b

Corporate Actions
Proposed Dividend 80 Kobo
Proposed Bonus Nil
Qualification Date April 27, 2012
Closure Date April 30 – May 4, 2012
AGM Date May 31, 2012
Payment Date June 4, 2012
AGM Venue Eko Hotel, VI, Lagos at 10.00 a.m.

[Oracle]

Originally Posted by baotoghile

FIRST BANK OF NIGERIA PLC
April 17th 2012 Audited Results (Dec, 2011)

Profit and Loss Information
Gross Earnings 31-12-11 N296.329b 31-12-10 N232.079b
Net Interest Income 11 N183.447b 10 N121.667b
Net Fee & Commission Income 11 N61.721b 10 N44.989b
FX, Investments & Other Income 11 N14.066b 10 N11.406b
Operating Expenses 11 (N147.358b) 10 (N119.274b) Group’s
Share of loss & Provision for Loan losses 11 (N46.321b) 10 (N25.247b) Exceptional Items 11 (N15.489b) 10 N226m
Profit before Tax 11 N50.066b 10 N33.767b
Taxation 11 (N5.281b) 10 (N4.590b)
Profit after Tax 11 N44.785b 10 N29.177b

Balance Sheet Information
Fixed Assets 31-12-11 N57.171b 31-12-10 N53.998b
Investment in Securities 11 N572.853b 10 N337.181b
Treasury Bills 11 N187.457b 10 N23.769b
Loans & Advances 11 N1.235b 10 N1.127b
Cash and Bank Balances 11 N199.227b 10 N75.517b
Other Debit Balances 11 N587.050b 10 N686.321b
Deposits 11 N1.947b 10 N1.450b
Other Credit Balances 11 N526.085b 10 N515.386b
Net Assets 11 N365.485b 10 N339.205b

Corporate Actions
Proposed Dividend 80 Kobo
Proposed Bonus Nil
Qualification Date April 27, 2012
Closure Date April 30 – May 4, 2012
AGM Date May 31, 2012
Payment Date June 4, 2012
AGM Venue Eko Hotel, VI, Lagos at 10.00 a.m.

See 2010 audited result for comparison.

FIRST BANK OF NIGERIA PLC
14 April 2011
Audited Accounts (December) 2010
Profit and Loss Information
Gross Earnings 10 N230.606b 09 N193.966b
Profit Before Tax 10 N43.188b 09 N13.297b
Taxation 10(N9.777b) 09 (N8.396b)
Profit After Tax 10 N33.411b 09 N4.901b

Balance Sheet Information
Fixed Assets 10 N53.986b 09 N47.980b
Treasury Bills 10 N23.769b 09 N14.219b
Loans And Advances 10 N1.143tr 09 N1.078tr
Cash and Bank Balances 10 N75.517b 09 N70.332b
Other Debit Balances 10 N1.008tr 09 N963.075b
Trade Creditors 10 N1.450tr 09 N1.346tr
Other Credit Balances 10 N514.065b 09 N516.215b
Net Assets 10 N340.626b 09 N311.270b

What are they comparing in 2011 audited result? Is it Group(2011) and company(2010) for 2011 audited result? Cos the 2010 audited PAT no be the same.

[anekwlc]

Originally Posted by baotoghile

FIRST BANK OF NIGERIA PLC
April 17th 2012 Audited Results (Dec, 2011)

Profit and Loss Information
Gross Earnings 31-12-11 N296.329b 31-12-10 N232.079b
Net Interest Income 11 N183.447b 10 N121.667b
Net Fee & Commission Income 11 N61.721b 10 N44.989b
FX, Investments & Other Income 11 N14.066b 10 N11.406b
Operating Expenses 11 (N147.358b) 10 (N119.274b) Group’s
Share of loss & Provision for Loan losses 11 (N46.321b) 10 (N25.247b) Exceptional Items 11 (N15.489b) 10 N226m
Profit before Tax 11 N50.066b 10 N33.767b
Taxation 11 (N5.281b) 10 (N4.590b)
Profit after Tax 11 N44.785b 10 N29.177b

Balance Sheet Information
Fixed Assets 31-12-11 N57.171b 31-12-10 N53.998b
Investment in Securities 11 N572.853b 10 N337.181b
Treasury Bills 11 N187.457b 10 N23.769b
Loans & Advances 11 N1.235b 10 N1.127b
Cash and Bank Balances 11 N199.227b 10 N75.517b
Other Debit Balances 11 N587.050b 10 N686.321b
Deposits 11 N1.947b 10 N1.450b
Other Credit Balances 11 N526.085b 10 N515.386b
Net Assets 11 N365.485b 10 N339.205b

Corporate Actions
Proposed Dividend 80 Kobo
Proposed Bonus Nil
Qualification Date April 27, 2012
Closure Date April 30 – May 4, 2012
AGM Date May 31, 2012
Payment Date June 4, 2012
AGM Venue Eko Hotel, VI, Lagos at 10.00 a.m.

This Bank is Truely the FIRST

[dr.abrahamb]

Originally Posted by Oracle

See 2010 audited result for comparison.



What are they comparing in 2011 audited result? Is it Group(2011) and company(2010) for 2011 audited result? Cos the 2010 audited PAT no be the same.

I don tire for the kin result wey I dey see from NSE O. Even if the company dey 'high on something' when dem dey send the result, NSE suppose get im own head screwed on right, before releasing it.

A few weeks back I was looking for the results of a company and noticed some lines on the balance sheet were missing on the one sent to NSE. I went to another site and saw these lines, but lo and behold, the other figures that were present in the result seen on NSE were different from the ones seen on this particular site!

Wetin Oscar dey do about this kin thing sef?

[1himself]

At least d result dissappoint the undue apprehension one has been having....

For those that have worked in d bank and for those that are still workin in d bank...

Can loan writeoff/provisioning stop in banking biz? Or is a normalcy and inevitable part of d biz processes...?

Cos i was adding up d value for loan provision n the total pat n i was wondering wat d PAT would have been n d EPS...

If ds bank will have a clean book ds yr then it result ll b amazing...but will it?? It should as ds provisioning has been reoccuring since 2009 but will it....????

[duduspace]

Originally Posted by 1himself

At least d result dissappoint the undue apprehension one has been having....

For those that have worked in d bank and for those that are still workin in d bank...

Can loan writeoff/provisioning stop in banking biz? Or is a normalcy and inevitable part of d biz processes...?

Cos i was adding up d value for loan provision n the total pat n i was wondering wat d PAT would have been n d EPS...

If ds bank will have a clean book ds yr then it result ll b amazing...but will it?? It should as ds provisioning has been reoccuring since 2009 but will it....????

I am still just finding my feet in all these balance sheet and Profit and Loss shenanigans o but I think loan provisioning has come to stay to prevent banks suddenly collapsing with Net Asset Values of -200 billion when the toxic assets come home to roost as we witnessed in the recent past, its that -15b exceptional item that I don't understand when GTB's exceptional item is +something.
First bank sef nor get subsidiary to sell?

[wanaj0]

Originally Posted by duduspace

I am still just finding my feet in all these balance sheet and Profit and Loss shenanigans o but I think loan provisioning has come to stay to prevent banks suddenly collapsing with Net Asset Values of -200 billion when the toxic assets come home to roost as we witnessed in the recent past, its that -15b exceptional item that I don't understand when GTB's exceptional item is +something.
First bank sef nor get subsidiary to sell?

There are different types of provisioning stipulated by accounting standards. There is general provisions and specific provisions. Both seems to have increased especially the specific provisions. The sales to AMCON also means that there is huge exceptional item (negative).

Exceptional item can be positive if it leads to income (GTB did asset sales) or negative (loses due to AMCON sales). They are classified as EXCEPTIONAL because it is not 'normal' part of business (except for UBA) hence it is not expected to re occur. FBN had a positive Exceptional Item when they sold part of their Econet holdings some years ago. They had a negative exceptional item when they lost $100m in the botched NITEL deal

FBN is not selling any subsidiary because it is going for an holding company model. They are planning to keep all the subsidiaries under the holding company and get the holding company listed. Tax issues is what is delaying the process.

From the result, seems it is only 10% haircut that FBN took on their Seawolf exposure. That looks quite low. Benefit of having someone in 'high' places.

BTW, why wait till June before paying the dividend? Why the LONG delay?

[wanaj0]

Originally Posted by 1himself

At least d result dissappoint the undue apprehension one has been having....

For those that have worked in d bank and for those that are still workin in d bank...

Can loan writeoff/provisioning stop in banking biz? Or is a normalcy and inevitable part of d biz processes...?

Cos i was adding up d value for loan provision n the total pat n i was wondering wat d PAT would have been n d EPS...

If ds bank will have a clean book ds yr then it result ll b amazing...but will it?? It should as ds provisioning has been reoccuring since 2009 but will it....????

In lay man terms, prudential guidelines assumes that a certain percentage of your loans will go bad. Hence you make provisions for that. It is a provision that may not be used at the end of the day. This is the general provision.

Now there are some loans that you know are already BAD probably because no one is servicing such debt again for myriads of reasons. Such you make specific provisions for.

So general provisions will always be in your books for as long as you have loans. It is more like preparing for what can go wrong.

Specific provision is based on ACTUALS. So it will depend on your level of Non Performing Loans.

[hispy99]

Originally Posted by wanaj0

There are different types of provisioning stipulated by accounting standards. There is general provisions and specific provisions. Both seems to have increased especially the specific provisions. The sales to AMCON also means that there is huge exceptional item (negative).

Exceptional item can be positive if it leads to income (GTB did asset sales) or negative (loses due to AMCON sales). They are classified as EXCEPTIONAL because it is not 'normal' part of business (except for UBA) hence it is not expected to re occur. FBN had a positive Exceptional Item when they sold part of their Econet holdings some years ago. They had a negative exceptional item when they lost $100m in the botched NITEL deal

FBN is not selling any subsidiary because it is going for an holding company model. They are planning to keep all the subsidiaries under the holding company and get the holding company listed. Tax issues is what is delaying the process.

From the result, seems it is only 10% haircut that FBN took on their Seawolf exposure. That looks quite low. Benefit of having someone in 'high' places.

BTW, why wait till June before paying the dividend? Why the LONG delay?

LWTMB ...UBA don suffer o

[Salida]

Equity Review of First Bank of Nigeria Plc’s FY 311211 Earnings

[JAS10]

First Bank Appoints Goldman Sachs, Citi, to Manage New $ 500 Million Eurobond Sale - Nigeria Business News

[saheewale]

WorldStage News | FirstBank emerges best organisation to work for in Nigeria

[Salida]

FBN deploys Oracle Financial Services to combat financial crime

[bivins1]

Originally Posted by Salida

FBN deploys Oracle Financial Services to combat financial crime

Oga Oracle we dey see your hand ooo. all fingers are not equal