First Bank acquires 75% stake in Congolese bank

LAGOS-First Bank Nigeria Plc has acquired a 75 per cent stake in a leading commercial bank in the Democratic Republic of Congo, DRC, Banque International de Credit, BIC.

First Bank in a statement to the Nigerian Stock Exchange, NSE, yesterday, said the acquisition has been approved by the Central Bank ofNigeria, CBN and its DRC counterpart.

The bank also said that its ownership of the DRC bank was consummated on the conduct of its completion meeting which took place earlier in the week.

The bank, had also in its unaudited results for the third quarter ended, September 30, 2011, released to the NSE, yesterday, announced a profit after tax of N42.89 billion, rising by 31.72 per cent from N32.562 billion recorded in similar period in 2010.

The after-tax profit was hinged on gross earnings of N211.166 billion, representing an appreciation of 19.26 per cent from N177.065 billion recorded in 2010, while it recorded a profit before tax of N49.017 billion, up from N40.703 billion in the same period in 2010.

The bank’s fixed assets at the end of the third quarter stood at N57.619 billion compared to N53.986 billion at which it opened the year, while net assets dipped to N321.817 billion from N340.626 billion recorded in the beginning of the year.






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