Folake Ani-Mumuney, the Head of Marketing and Corporate Communications, received the award plague from Paul Wallace, Africa Editor of The Banker and Michael Buerk, a former. CNN correspondent and award host.
Acoording to the award committe,FirstBank led the sector largely due to its sustained topflight performance over the years across several indices
The nominees were judged by their ability to deliver shareholder returns and gain strategic advantage in terms of market visibility and positioning.
“Its balance sheet, which at the end of September this year stood just shy of $20billion, grew 23 percent in 2011. Its net profits rose impressively to 95per cent at N66 billion($410million). This year looks even better based on interim resultsn” the committee said.
The committe also noted that FirstBank had to focus more on costs and efficiency in the past two years. “Plenty of enphasis has been placed on cross-selling to generate non-interest revenues, which grew 36 per cent in 2011 to N75 billion.During the same year, it halved its average costs of funds from 3.2 per cent to 1.6 per cent by attracting more low-cost deposits.” it added.
The Banker acknowledged that while FirstBank had continued to build its already large network of branches, its recent focus had been on mini-branches, which are cheaper than full-services ones.
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