Ibukun Awosika: Chairman, First Bank Nigeria Limited
FBN Holdings Plc, the
parent company of First Bank Nigeria Limited, is planning to cut about 1000
jobs and focus less on providing loans to the oil industry in a bid to
reverse the 2015 financial year’s 82 per
cent slump in profit.
The lender expects to
boost its return on equity, a key measure of profitability, to between 11 per
cent and 14 per cent in 2016 from last year’s “really bad” figure of three per
cent, according to the Chief Executive Officer of First Bank of Nigeria
Limited, FBN’s main subsidiary, Mr. Adesola Adeduntan.
He said the company
was also targeting a cost-to-income ratio of 55 per cent in two years time from
59 per cent.
Source: Punch
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