First Bank of Nigeria, which recently set up a private banking operation in London, said it recorded a pre-tax profit of N31.7 billion (around $218 million) in the six months to 30 June, surging by 637.4 per cent year-on-year.

The bank said it had deposits and liabilities of N1.4 trillion, an increase of 24.1 per cent year on year.

The bank said it had a capital adequacy ratio of 18 per cent at the end of June, down from 26.5 per cent a year before. Its cost-to-income ratio has fallen sharply to 74.1 per cent from 96.7 per cent a year earlier.

Asset management profit before tax stood at N4.7 billion, against a comparable loss of N24.8 billion last June. This business unit enjoyed a sharp rise in trust services fees.

FBN Bank (UK), owned by First Bank of Nigeria, recently set up a new private banking division under the leadership of former Coutts and HSBC executive Nigel Hawkins, as was exclusively revealed by this publication.