FirstBank of Nigeria Limited is targeting to grow its customer base by over 10 million new customers in the next three years. The expansion is in sync with the bank’s financial inclusion initiative.
Managing Director and CEO, FirstBank of Nigeria Limited and Subsidiaries, Dr. Adesola Adeduntan, who disclosed this in Lagos said FirstBank currently has over 10 million customers, adding that its new management was working towards growing this to over 20 million by 2019 through a phased deployment of agency banking.
Adeduntan unfolded the key strategic focus of the bank at a parley with media chiefs which had other members of the new management, including the Deputy Managing Director, Mr. Gbenga Shobo and other members of the executive management in attendance.
Describing the FirstBank as a ‘strategically important Bank’ to the Nigerian economy, Adeduntan said the objectives of the new management which assumed office in January 2016, includes to retain the spot as the number one bank in the country and sub-region; and to continue to be fully embedded in the nation’s economy whilst delivering value to all its stakeholders.
Going by its recent financial results, Adeduntan said FirstBank ranks above its peers in terms of earnings generation and remains the biggest and the largest bank in Nigeria, with over N500billion in gross earnings – the largest in the industry, adding that its liquidity ratio and capital adequacy ratio are well above regulatory required benchmarks.
Acknowledging that the Bank has some challenged loans in its portfolios, Adeduntan assured that a number of those loans are being remediated, while the management is pro-actively taking steps to recover others whilst the Bank’s entire credit management process is being reviewed in sync with the new wave of risk management framework initiatives.
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