First Bank Writes Off N748bn Bad Loans, Otedola Signals Stronger Future
First Bank Holdings Plc has decided to write off N748 billion in legacy bad loans to address long-standing non-performing loans and improve financial stability. The Chairman, Otedola, emphasized the need for transparency and a stronger financial foundation.
Despite a significant profit decline, the bank's underlying strength is highlighted by its ability to absorb losses without operational destabilization. Otedola expressed confidence in the bank's reset balance sheet, preparing for a recapitalization exercise and future expansion.
As part of its strategic plan, First Bank Holdings Plc plans to sell its stake in FBNQuest Merchant Bank Limited to EverQuest Group. This move is seen as a step towards optimizing capital allocation, improving capital efficiency, and supporting the bank's core commercial operations.
Plus234Feed summary based on reporting from Legit.ng. Read the original report below.
Read full article
Continue on Legit.ng
Get the week in one email
Top stories, NPFL results, the naira — every Friday morning. Free, one email a week.
Related Stories
FirstHoldCo's N748bn Bad Loans Write-Off Sparks Controversy in Nigerian Banking Sector
Femi Otedola Plans Surprises in Rebuilding First HoldCo PLC Amid Financial Challenges
Nigerian Banks to Write Off Toxic Loans, Impact Dividends
Nigerian Billionaire Otedola Acquires N14.82bn Shares in First HoldCo, Tightens Grip on Company
Femi Otedola Increases Stake in First HoldCo PLC with N14.8 Billion Share Acquisition
Femi Otedola Increases Stake in First HoldCo to 18.12% with 3.82 Billion Unit Acquisition
Get Plus234Feed on messaging apps
Same headlines, delivered where you already scroll.
