The Chief Financial Officer of First Bank Holding PLC, Mr Patrick Iyamabo, has attributed the growth recorded by First Bank in recent years to the bank’s policies on building its customers and the nation.
Mr Iyamabo stated this in an interview with NAIRAMETRICS published on Monday.
He noted that the bank’s core value is to focus on its customers and the nation.
He said, “The core of our banking is focusing on our customers and nation-building, differentiating our valid proposition and monetising the same. But in very simple English I think the first thing was that we are paying very close attention to the core of our business.
“What you would notice in 2021 alone is that we grew our loan book by over N50 billion every month. In total, we created more than N2.8 trillion worth of loans in FirstBank Group. That’s a lot and we also have deposits of more than N5.6 trillion. In other words, we grew the core of the business in real substantial terms and were able to monetise that growth.
He added that the bank’s feats in digitalisation play a huge role in its continued growth. He said the bank has been able to reach customers everywhere through its digital platforms.
“The strategic goal for FirstBank as you know includes our digital proposition and bundled with our digital propositions are our mobile banking, agent banking services and USSD. In other words, taking the bank to customers everywhere and to that extent, we grew the business.
“In terms of volume, we are one of the largest on USSD: both in terms of customer base and value of actual transactions that are done, market share etc. We are driving our various digital propositions throughout the year on those lines as well. These are in a bid to support the customers’ ability to bank anywhere and it shows up in our financials.
Speaking on how the bank was able to deliver its financial duties, Mr Iyamabo said, “we had to take a significant amount of impairment charge as a result of customers’ inability to pay back loans and we made some sizeable recover last year and that supported our financials for 2021.
“We haven’t yet realized anything close to that so far this year but nonetheless the results for Q1, 2022 is a pretty strong result. At the Banking level N34 billion and at the Holding level it is N36 billion profitability.
He also emphasised how the bank’s people-oriented policy has paved the way for its success rate.
“Our people also contributed to our growth, it was a brilliant idea for us to have invested in people because if we had not done that, things would have been worse by now.
“In this business of financial services, it is the people that create that value because you can have all investments in infrastructure, IT and buildings, all those are meaningless without the people.
“We ended 2021 as the best year in the 120 years history of the franchise and we have started on a good foot at the end of Q1 2022 too”.
First Bank was in April named the Best Bank in Nigeria 2022 and Best Banking Digital Transformation Nigeria at the International Investor Awards 2022.
The bank was recognized with the Best Bank in Nigeria 2022 award for its leadership role in promoting financial inclusion in Nigeria which has been integral to improving lives and stimulating businesses of individuals across the country.
Also, the Best Bank in Digital Transformation was awarded to FirstBank in recognition of its continued efforts at reinventing its digital banking channels which have been central to reinforcing the Bank’s leading role in promoting a cashless society in the country whilst putting customers at an advantage in enjoying a secured and seamless digital banking experiences. The Bank’s digital banking channels include; its recently unveiled fully automated branch (FirstBank Digital Experience Centre), *894# USSD banking, FirstMobile, First online, and WhatsApp banking amongst others.
