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Report: First Bank Nigeria Holdings chief says bank doesn't need fresh equity


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Report: First Bank Nigeria Holdings chief says bank doesn't need fresh equity

The head of First Bank Nigeria Holdings Plc said the firm will notneed to raise fresh capital, even after it reported a loan loss provision of119.32 billion Nigerian naira in 2015.

Group Managing Director Urum Eke told Reuters on April 27that the bank will continue to aim for loan growth of 3% to 4%, saying themacroeconomic environment "does not support aggressive loan growth at thistime."

Full-year profit attributable to owners of the parent was15.41 billion naira in 2015, down from 84.23 billion naira in 2014, and thebank on April 26 reported first-quarter 2016 attributable profit of 20.47billion naira, compared to 22.36 billion naira a year earlier. First-quarterpretax profit fell to 22.05 billion naira from 26.94 billion naira.

Eke said the loan charges were related to four or five oilfirms, as well as real estate and telecommunications businesses. He added thatthe lender is revising its credit model to prevent future loan losses and plansto diversify toward retail clients, the report said.

First Bank Nigeria Holdings is the parent company of

As of April 26, US$1was equivalent to 199.05 Nigerian naira.