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First Bank’s Profit Plunges 82% In 2015 - Business (3) - Nairaland

Nairaland Forum / Nairaland / General / Business / First Bank’s Profit Plunges 82% In 2015 (11049 Views)

Naira Declines By 0.82%, Settle At N370/$ / Naira Plunges At Interbank Market / 8 Banks Pay N3.32bn As Fine In 2015 (2) (3) (4)

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Re: First Bank’s Profit Plunges 82% In 2015 by Caracta(f): 2:46pm On Apr 27, 2016
daveP:
the kingto.m effect.

Huh? Who/What is that?

1 Like

Re: First Bank’s Profit Plunges 82% In 2015 by Nobody: 8:55am On Apr 28, 2016
emekamigo:
This criminal bank is manipulating the accounts of all it's customers ,stealing everyday with their criminal and outrageous charges!


NAIRALANDERS,it's not a joke.I have woken up everyday for the past 4 days with debit alerts of all kinds from Firstbank for services I can't explain.Please,am tired of all these.Is there any other bank that is more responsible and customer money friendly? See the one I got this morning"Int.Coll:30-03-2016 to 27-04-2016". And for the 4 days the have debited my account with almost 500 naira. I want to close my accouńt with them.
Re: First Bank’s Profit Plunges 82% In 2015 by daveP(m): 10:30pm On Apr 29, 2016
Caracta:


Huh? Who/What is that?
having no apparent reason by to use the grin smiley.

KingTom's own smiley, thus the name.

what's new? weekend?
Re: First Bank’s Profit Plunges 82% In 2015 by mark3009(m): 10:43pm On Apr 29, 2016
7footre:
So they have been trying to augment profit by nearly killing me with charges? Account maintenance (grease or oil I no know) withholding tax, sms charge on birthday msg, vat on all charges on top!
I go soon transfer ma small change sha
LOL on sms charge on birthday. Who send them make dem send u bday sms if dem wan charge put?
Re: First Bank’s Profit Plunges 82% In 2015 by 7footre(m): 11:35am On May 02, 2016
mark3009:

LOL on sms charge on birthday. Who send them make dem send u bday sms if dem wan charge put?
No mind those pkomo men
Re: First Bank’s Profit Plunges 82% In 2015 by Peterwins(m): 12:06pm On May 02, 2016
FBN unduly exposed itself to the Oil and Gas sector. I taught they should have learnt their lessons during the 2007/2008 global melt-down/crude oil price crash. I wonder why some Nigerian banks over-extend themselves to the oil and gas sector, when they can actually dig-in their heels and create huge market potentials in other sectors. However making N21.5B profit before tax (77% down y-o-y) isn't too bad for their avoidable misadventure into the oil and gas sector.
Re: First Bank’s Profit Plunges 82% In 2015 by Peterwins(m): 12:19pm On May 02, 2016
Net impairment charge on credit losses amounted to N119.3 billion (Dec 2014: N25.9 billion). This was
attributable to the recognition of impairment on some specific accounts as well as collective exposures
following reassessment of the loan book in the commercial banking business due to the sharp decline in
global oil prices, the volatile macro environment, and fiscal and monetary headwinds which have resulted in
marked reduction in domestic output. Active remedial actions on the specific impaired accounts have
commenced. The main sectors impacted are oil and gas, real estate and general commerce; contributing
59.7%, 12.3% and 10.2% to the impairment charge respectively
.^source: http://ir.fbnholdings.com/wp-content/uploads/2014/02/FBN_Holdings_Plc_FY-2015_Results_Press_Release.pdf

^^I guess this was the major cause of their disappointing results. However I would like to know the details of those specific accounts that led to these huge credit losses with oil and gas making up to about 60% of these losses.
Re: First Bank’s Profit Plunges 82% In 2015 by Peterwins(m): 12:53pm On May 02, 2016
citizenisb:
Which Sanusi? Just on Marina you will see the SeaWolf (na real WOLF) deal done when Sanusi was the Chief Risk Officer. A rig on water with no preservation for over 3 years!

The current CBN Deputy Governor use to be CFO and ED at First Bank. He is building properties/hotels all over the place. He is planning to be Oyo State governor in 2019. You need to ask where that war chest is coming from.

They were just chopping shareholders money anyhow!

The Sea Wolf deal was a bad deal from inception. Perhaps it was just a "legal" money laundering avenue for everyone involved. They really milked FBN dry. Some of the innocent staff would have to pay for their executive management's misdemeanor.

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