First Bank of Nigeria Limited has emerged the ‘Best Bank
in West Africa.’ at the African Banker Awards in Marackech, Morroco, held last week,
The organisers’ panel of distinguished professionals adjudged FirstBank as the sub-region’s best financial institution in recognition of its consistent performance, quality of its financial products/services, leadership status and contribution to the growth and development of the sector in the region.
Publisher of the African Banker, Omar Ben Yedder, said, “Given its consistently strong performances in the region’s financial markets, FirstBank is indeed a deserving winner of this prestigious and well deserved recognition. The bank’s pedigree, indeed, continues to soar not just in Nigeria, but indeed the sub-region.”
FirstBank has recently been the recipient of several awards, including ‘Best Bank Brand in Nigeria’ (The Banker Magazine); Best Retail Bank in Nigeria (Asian Banker) and Best Bank in Nigeria (Global Finance), as it continues to drive innovation and financial solutions that speak to the needs of various customer segments.
Commenting on the award, Group Managing Director, FirstBank of Nigeria Limited, said, “It is, indeed, a great honour for FirstBank to be recognised as the best financial institution in West Africa as we continue to pursue our passion for service excellence and demonstrate unwavering commitment to good corporate governance and support for economic growth and development within Nigeria and the entire African continent. We dedicate the award to our over 7 millions customers across the globe and assure them that it will spur us on to a higher level of service to our customers.”
Onasanya added that the bank’s ongoing upgrade to the Finacle 10 banking platform was another manifestation of the bank’s resolve to enhance service delivery through continuous investment in technology.
Organised by African Banker magazine, IC Events and BusinessinAfrica Events, the African Banker Awards celebrates excellence and best practices in African banking and finance sector.
The organisers’ panel of distinguished professionals adjudged FirstBank as the sub-region’s best financial institution in recognition of its consistent performance, quality of its financial products/services, leadership status and contribution to the growth and development of the sector in the region.
Publisher of the African Banker, Omar Ben Yedder, said, “Given its consistently strong performances in the region’s financial markets, FirstBank is indeed a deserving winner of this prestigious and well deserved recognition. The bank’s pedigree, indeed, continues to soar not just in Nigeria, but indeed the sub-region.”
FirstBank has recently been the recipient of several awards, including ‘Best Bank Brand in Nigeria’ (The Banker Magazine); Best Retail Bank in Nigeria (Asian Banker) and Best Bank in Nigeria (Global Finance), as it continues to drive innovation and financial solutions that speak to the needs of various customer segments.
Commenting on the award, Group Managing Director, FirstBank of Nigeria Limited, said, “It is, indeed, a great honour for FirstBank to be recognised as the best financial institution in West Africa as we continue to pursue our passion for service excellence and demonstrate unwavering commitment to good corporate governance and support for economic growth and development within Nigeria and the entire African continent. We dedicate the award to our over 7 millions customers across the globe and assure them that it will spur us on to a higher level of service to our customers.”
Onasanya added that the bank’s ongoing upgrade to the Finacle 10 banking platform was another manifestation of the bank’s resolve to enhance service delivery through continuous investment in technology.
Organised by African Banker magazine, IC Events and BusinessinAfrica Events, the African Banker Awards celebrates excellence and best practices in African banking and finance sector.
Meanwhile, foremost global rating
agency, Standard & Poor’s Rating Services (S&P) has upgraded Access
Bank’s long-term credit rating to ‘BB-‘from ‘B+’ with a stable outlook.
Similarly, the bank’s long term Nigeria national scale rating was upgraded to
‘ngAA-‘ from ‘ngA’, attesting to its continued adherence to global best
practices, sound corporate governance and best-in-class risk management
framework.
This development is impressive given Access Bank’s stability which insulated it from the gale of rating downgrade witnessed by some of the world’s largest banks last year. This is the second consecutive upgrade the bank has received in two years and attests to the resilience of the bank and its importance to the Nigerian financial system and economy at large.
Specifically, the rating review has further affirmed Access Bank’s position amongst Nigeria Tier 1 Banks as the bank is no longer excluded from rating nomenclature that characterises the exclusive league. Correspondingly, the upgrade is an acknowledgement of Access Bank’s successful integration of Intercontinental Bank and its reduction of risk related to foreign currency lending.
Justifying the rating upgrade; S&P said “Access Bank completed the integration of Intercontinental Bank in 2012 to become the fifth largest bank operating in Nigeria, and a highly systemically important financial institution. We believe that the bank’s improved franchise, branch network, and cost of funds will enable it execute its strategy to lend increasingly to Nigeria’s most creditworthy institutions”.
Further, the agency said, “we also think that the risks the bank faces from foreign currency lending, although still relevant have decreased due to stronger risk management and lower foreign currency exposure. Consequently, the bank’s credit losses should continue to compare well with those of Nigeria’s top rated banks through the next credit cycle”.
It concluded saying, “we base our view on the bank’s cost of risk, which has compared favourably with levels of rated peers over the past five years while stating that the factors highlighted for the upgrade in the Bank’s rating would result in future asset quality that compares well with levels at the highest rated banks in Nigeria”.
Over the years, Access Bank has evolved into a financial powerhouse with consistent record of impressive performance and history of creating value for its shareholders.
For the year ended December 31, 2012, the bank recorded a Profit Before Tax (PBT) of N44.9billion. The result showed significant improvements across key profitability indices as the Bank’s Profit After Tax (PAT) grew by 150 per cent to N42.9billion compared with the N17.1billion recorded in the corresponding period in 2011.
This development is impressive given Access Bank’s stability which insulated it from the gale of rating downgrade witnessed by some of the world’s largest banks last year. This is the second consecutive upgrade the bank has received in two years and attests to the resilience of the bank and its importance to the Nigerian financial system and economy at large.
Specifically, the rating review has further affirmed Access Bank’s position amongst Nigeria Tier 1 Banks as the bank is no longer excluded from rating nomenclature that characterises the exclusive league. Correspondingly, the upgrade is an acknowledgement of Access Bank’s successful integration of Intercontinental Bank and its reduction of risk related to foreign currency lending.
Justifying the rating upgrade; S&P said “Access Bank completed the integration of Intercontinental Bank in 2012 to become the fifth largest bank operating in Nigeria, and a highly systemically important financial institution. We believe that the bank’s improved franchise, branch network, and cost of funds will enable it execute its strategy to lend increasingly to Nigeria’s most creditworthy institutions”.
Further, the agency said, “we also think that the risks the bank faces from foreign currency lending, although still relevant have decreased due to stronger risk management and lower foreign currency exposure. Consequently, the bank’s credit losses should continue to compare well with those of Nigeria’s top rated banks through the next credit cycle”.
It concluded saying, “we base our view on the bank’s cost of risk, which has compared favourably with levels of rated peers over the past five years while stating that the factors highlighted for the upgrade in the Bank’s rating would result in future asset quality that compares well with levels at the highest rated banks in Nigeria”.
Over the years, Access Bank has evolved into a financial powerhouse with consistent record of impressive performance and history of creating value for its shareholders.
For the year ended December 31, 2012, the bank recorded a Profit Before Tax (PBT) of N44.9billion. The result showed significant improvements across key profitability indices as the Bank’s Profit After Tax (PAT) grew by 150 per cent to N42.9billion compared with the N17.1billion recorded in the corresponding period in 2011.
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