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The capital injected the group says, represented part of the net proceeds of the company’s divestment from FBN Insurance Limited and in a statement from the bank which was made available to the Media, the company noted that with this fresh capital, the Capital Adequacy Ratio (CAR) of First Bank has risen to 16.53 percent (before capitalizing year to date profit) as at June 2020.
Mr. Oyewale Ariyibi, the Chief Financial Officer of the Company said: “The divestment is in line with the Group’s medium to long term strategic objectives. The divestment has unlocked significant value embedded in the former subsidiary which is being leveraged to strengthen the core banking business for which the Group is renowned. The overriding objective is to optimize capital across the Group to drive business growth, enhance efficiency and improve overall Shareholders’ value.”
While commenting on the Group’s Half Year 2020 performance, UK Eke, the Group Managing Director stated that “The H1 2020 financial results are impressive and reconfirm our consistent focus on enhanced shareholder value. Despite the difficult operating environment, the results demonstrate our capacity to deliver exceptional services to our customers in these uncertain times. Looking ahead, we remain cautious, but confident that our business is fundamentally strong to surmount any future challenge towards delivering superior financial performance”.
Original story from Vanguard.
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