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Enabling Dreams With First Bank ‘December is A VYBE’

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First Bank

One of the most fascinating quotes of popular British business magnate and author, Sir Richard Brandson is that “A great business is simply an idea to make other people’s lives better.” This vital nugget aligns with a global view that a critical element of successful brands is the ability to beyond functional products benefits become a visible partner in customers lives, enabling them live better and happier, aim higher and achieve their dreams.

For businesses, this means seeing beyond financial gains into becoming a true ally and partner who make life worth living. This is a core hallmark of the few enduring global brands and FirstBank appears focused on towing the path.

Beyond business promotion and marketing engagements solely for commercial value, the premier bank in its 127th year is assisting Nigerians to live happier and create awesome memories of good time with cherished ones through some cool initiatives.

Globally, December heralds the holiday season during which people love to celebrate, unwind and relax with loved ones. Though checkered by Covid-19 disruptions in 2020, FirstBank is giving a new expression and meaning to ‘December in Nigeria’ with the high-octane and life enriching #FirstBankIssaVybe, #DecemberIssaVybe campaign.

The campaign which started in 2018 is already generating ripples across the cities with Nigerians across ages anticipating the new trick FirstBank will pull out from the hat this year.

Through the annual FirstBankIssaVybe campaign, FirstBank sponsors of an array of the hottest and coolest entertainment platforms across music, fashion and arts during the month of December, with massive ticket giveaways to premium events.

The goal is to create enthralling and memorable experience for customers in the Yuletide season as they bond with family and friends, whilst connecting with their favourite superstars.

Commenting with much enthusiasm on the year-end campaign, global head marketing and corporate communication of FirstBank, Folake Ani-Mumuney says it’s simply FirstBank creating a ‘Wow December to Remember’ experience for all as a bank for all generations.

For her, #FirstBankIssaVybe offers a variety performance; FirstBank is not just considering financial well-being but also the entire well-being for customers. That is why it is enabling opportunities for families to come together to celebrate and enjoy premium concerts, plays, fashion and food, and gave out over 500 mostly VIP tickets per campaign, which cost from N15,000 to N50,000.

“We are delighted with our achievements and consider the yuletide a good way of identifying with our customers and appreciating their support. We want them to have the best of fun through this period. Through different expressions, we strive to support our heritage; the value systems we believe in and create opportunities for families to bond across generations.

“The carefully curated experiences speak to our ethos, what we believe in and what Nigerians would appreciate. We do not just concentrate like some other brands on specific areas, or just one name; we are true enablers across the raft, and offered variety.  We also use the opportunity to further deepen support for arts and job creation.

“We also spread the program across the nation with sponsorship of Igue Festival in Edo State, and Calabar Carnival in Cross River State. With our partners, #DecemberIssaVybe, we curate across the country as a whole. We supported Waka the Musical in 2017 which was also taken to Abuja in 2018,” she noted.

Meanwhile, the campaign has seen customers treated to fantastic experience in previous editions and many are looking forward to the 2021 edition. From the exciting Alternative Sound 4.0, held at Terra Culture on 5 December, 2019 to the memorable Cardi B live in Lagos by Livespot Concert on 7 December 2019 and the unforgettable “An Evening with FBNHoldings” held on 13 December, 2019 to the pleasure overload of Island Block Party at Oniru Lagos on 14 December, lucky customers and followers of the Bank’s social media handles were given free tickets to have loads of fun!

Also, in the bouquet of fun extravaganza was Teni – The Billionaire Experience musical concert held at Eko Hotel on Monday, 16 December 2019 which had many customers thrilled to the finest of tunes by the Billionaire crooner and other guest artistes present.  The annual Nativeland music festival at Muri Okunola Park was another event for the yuletide which has since its inauguration in 2016, had top class performances by A-lists artistes.

Youth and teenage fashion lovers were not left out; as with Street Souk, they had a feel of current trends and creativity in the fashion industry. The event held on 18 December 2019. Keen on getting exposed to the best and latest designs, wears and fabrics in fashion, then the African Fashion Week Nigeria was another port of call. The event which held 20 – 21 December, 2019 attracted leading players in the fashion industry and deepened the fashion appetite and interest of participants.

Building into Christmas was Flytime Rhythm Unplugged, starting on 20 December at the Eko Hotel and Suites. The 5-day music festival event had performances of leading and top artistes in the country. Olamide, Burna Boy, Tiwa Savage, MI, Ycee, Patoranking, Mayorkun, Teni, Zlatan, Joeboy, Fireboy, B Red, Tolani, Jeff Akoh, Oluwadamilola thrilled fun lovers to the best of tunes topping charts not just in Nigeria but the continent. On the wheels of steel was DJ Neptune, DJ Consequence, DJ Obi, and DJ Cuppy.

Kizz Daniel’s Toro concert on 26 December 2019 and Tu Face’s musical show on 28 December built up to the wrap-up of the list of December events with Future, the American trap music sensation scheduled to perform live in Lagos. The Future Live in Concert held 29 December 2019 at the Eko hotel. The 80s boy band, New Edition performance at the FlyTime Music Festival in Lagos was also electrifying with Burna Boy Live, Davido Live and many more in action!

For plays, the campaign has featured sponsorships of Moremi and Oba Eshugbayi play which focused on highlighted history of Lagos: the struggle over water tax imposed by the British on the people of Lagos and the expulsion of Oba Esugbayi, who stood against the tax, to Abeokuta. The play was from the stable of Joseph Edgar of the iconic Duke of Shomolu Production.

Two lucky fans, Tina Ediale and Timilehin Anibaba, amongst others got to see their favourite star Davido Live in Concert; another winner, Azeez Animashaun couldn’t believe his luck when he got a VIP Rhythm Unplugged ticket while some got special treat watching ace actress Omotola Jalade Ekeinde as Esumirin in Moremi The Musical.

Some social media followers also scored invitation to parties including Island Block Party, All Black Everything; conferences Golas Grit Grind 2.0; festivals: Native Land, Plamwine Festival; and pop up sales: Mente de Moda.

The FirstBank #DecemberIssaVybe and #FirstBankIssaVybe giveaway fest is again set to reward old, new and potential customers with tickets to premium events around Lagos.

And Yes, we know you want to attend these events and yes you can. Just follow FirstBank on any of its social media pages – Facebook: First Bank of Nigeria Limited, Instagram: @firstbanknigeria, and Twitter: @firstbankngr – look out for the posts announcing the giveaway and follow instructions to experience maximum party #vybes this season.

 

Banking Sector

FBN Holdings Reports 49% Increase in Profit in H1 2022

FBN Holdings Plc has reported a 48.9% increase in profit after tax for the first half (H1) of 2022.

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Nnamdi Okonkwo

FBN Holdings Plc, the parent company of FirstBank of Nigeria Limited, has reported a 48.9% increase in profit after tax for the first half (H1) of 2022.

The financial services provider announced gross earnings of N359.2 billion for the period under review, an increase of 22.4% when compared to the N293.4 billion recorded in the first half of 2021.

Interest income jumped 40.6% from N161 billion achieved in H1 2021 to N226.4 billion. While the Group’s net interest income rose a whopping 47.3% to N152.9 billion, up from N103.8 billion in H1 2021.

Non-interest income remained largely unchanged at N120.6 billion, a 0.2% decline from N120.9 billion posted in the corresponding period of 2021.

FBN Holdings’ operating income expanded by 21.7% to N273.5 billion from N224.7 billion in H1 2021. The lender’s impairment charges improved by 18.7% to N21.7 billion, down from N26.7 billion in the same period of 2021.

As expected, operating expenses inched higher to N186 billion from N152.6 billion recorded in H1 2021. Profit before tax stood at N65.7 billion a 45.3% increase from N45.2 billion filed in H1 2021.

The total profit realised for the period grew by 48.6% from N38.1 billion in H1 2021 to N56.5 billion in H1 2022.

Earnings per share also rose 48% to N1.55 from N1.05.

Speaking on the group performance, Nnamdi Okonkwo, the Group Managing Director said “FBNHoldings continues to demonstrate resilient performance despite the challenging operating environment with an impressive improvement in revenue and profitability. For the half year 2022, gross earnings and profit before tax grew by 22% y-o-y and 45% y-o-y to N359.2 billion and N65.7 billion respectively. Furthermore, we continue to see good progress across our performance metrics, which remain in line with our focus on driving sustainable growth.

“The Group remains committed in its transformation drive, which has resulted in stronger balance sheet and better asset quality with non-performing loans closing at 5.4% at H1 2022. Similarly, risk management capability remains robust across the Group supporting the drive for enhanced earnings for sustainable capital accretion.

“During the period, cost to income ratio remained flat y-o-y despite the inflationary and currency pressure, as we continue to focus on optimising overall efficiency.

“Our strategic intent remains unchanged in optimising opportunities that drive growth in revenue, profitability, capital accretion and overall operational efficiency that delivers sustainable value to our stakeholders.”

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Banking Sector

FirstBank’s Firstmonie Agents Processed Over N22 Trillion in Transaction Value

FirstMonie Agents have processed over N22 trillion in combined transaction value.

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FirstBank New Website - Investors King

Nigeria’s leading financial services provider, FirstBank of Nigeria Limited on Thursday said its fast-growing agent banking network, Firstmonie Agents, has collectively processed over N22 trillion in transaction value.

The lender, which announced a profit after tax of N53.3 billion in the first half of the year, said Firstmonie Agents processed transaction volume in excess of 1 billion across all its 180,000 agents that operate in 772 local governments.

In an effort to bring financial services to the unbanked and underbanked segment of the Nigerian society, Firstmonie Agents was the first banking network to operate in all the local government areas, except the two local governments enmeshed in insecurity.

Since its launch, FirstMonie Agent Banking has been providing convenient banking services to Nigerians previously cut off from the financial system, playing a pivotal role in deepening financial inclusion and empowering existing businesses within the communities to deliver these services.

Popularly called ‘Human ATM’, Firstmonie Agents are empowered to reduce the reliance on over-the-counter transactions while providing convenient personalized services. Amongst the services carried out by the Agents include; Account Opening, Cash Deposit, Airtime Purchase, Bills Payment, Withdrawals and Money Transfer.

Through various empowerment and reward schemes implemented to put its Firstmonie Agents at an advantage to economically impact their immediate communities whilst importantly having their business sustained, the Bank’s Agent Banking scheme has remained a toast to Nigerians, irrespective of where they are in the country. Amongst these schemes is the Agent Credit – launched in 2020 – which has had the Bank provide credit facilities to the tune of 238 billion naira to its teeming Firstmonie Agents.

Commenting on the milestone, Dr. Adesola Adeduntan, CEO, FirstBank said “since the relaunch of our Agent Banking scheme in 2018, our Firstmonie Agents have played a vital role in bridging the financial inclusion gap in the country, as many more people have been able to undertake various financial and business transactions in cost-effective ways, thereby saving a lot of time and money in travelling over long distances for basic banking services.“

“We are delighted by the giant strides of our Firstmonie Agents in promoting financial inclusion and commend them for their efforts in taking banking to the doorsteps of Nigerians – irrespective of where they are – in a very effective way”, he concluded.

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Banking Sector

Unity Bank Grows Profit After Tax by 23% to N1.6 Billion

Retail lender, Unity Bank Plc has posted gross earnings of N27.6 billion for its 2022 half-year results, representing a growth of 17% year-on-year.

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Unity bank - Investors King

Retail lender, Unity Bank Plc has posted gross earnings of N27.6 billion for its 2022 half-year results, representing a growth of 17% year-on-year.

In its unaudited half-year financials submitted to the Nigeria Exchange Group Limited, the Bank also made significant improvements across key performance indicators.

The Bank grew Profit Before Tax (PBT) by 23% which rose to N1.8 billion from N1.5 billion in the corresponding period of 2021. Profit After Tax (PAT) for the period equally increased by 23% to close at N1.6 billion from N1.382 billion in H1’21.

The key highlights of the financial statements showed growth in interest and similar income, which rose 18% to N23.938 billion from N20.273 billion in the corresponding period of 2021, an indication of sustained growth in the loan book as well as improved earnings from the lender’s robust digital channels, arising from sustained investment in its digital payment infrastructure.

Similarly, the lender posted sustained asset growth as total assets moved up by 7% to N574.3 billion from N538.9 billion in 2021.

Other key highlights of the financial statement include a 12% growth in deposits, which rose to N359.5 billion from N322.3 billion in December 2021, a clear indication of the positive trend of the Bank’s innovative retail products targeting several segments of the retail market as well as enhanced customer acquisition strategies for emerging products rolled out to the market during the period under review.

In the same vain, the lender recorded an increase on its loan books to N303.632 billion from N269.270 billion in 2021, representing a 13% growth.

Commenting on the financial statements, the Managing Director/CEO of Unity Bank Plc, Mrs Tomi Somefun welcomed the H1’22 results. She noted that while the key performance indicators continue on an upward trajectory; PBT (23% YoY), Total Assets (7% YoY) and gross earnings (17% YoY); the outlook for our financial position has now moderated significantly looking at other fees and income lines which performance was hitherto characterised by volatilities in the operating environment.

“As the Bank aims to further grow all indices to double-digit regions in the coming years, one reassuring take from the financial position lies in the market confidence, as well as steadily growing retail and SME franchise arising from the development of products that resonate with different markets segments, which will enable the Bank to continue to operate and successfully navigate the tough operating environment, amid rising economic headwinds,” Mrs Somefun stated.

The Unity Bank boss also stated that having invested massively in technology to drive a major revamp in our digital Banking products and channels including the Unifi Mobile App, our USSD, *7799#, internet banking, etc., the major focus is to drive increased optimisation which will enable the Bank to provide electronic convenience in the way we support our teaming customers and market segments and more often change the way they transact business.

In the view of analysts, the key performance indicators showed that the market sentiments are responding positively to the strategies of the lender’s management to accelerate the growth momentum designed for the Bank.

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