- First Bank of Nigeria has increased its earnings to over N50 billion, a 10-year record
- According to reports, the bank earned the amount mostly from loans and advances to customers
- The bank stated that the result is a reflection of its business model over a while
First Bank of Nigeria’s earnings increased by 54.4% to N50.09 billion, a decade-high record.
BusinessDay reports that the bank reached the revenue landmark at the back of higher interest rates in Nigeria, which have increased by 650 basis points to 18.5% since May 2022, allowing banks to charge more for loans.
