Financial Position and its Global Impact on Performance of First Bank of Nigeria

Abstract

First bank is Nigeria’s oldest bank established since 1894 with global business network ranking within the top five hundred global banking brands. The bank’s core business is providing financial services to individuals, corporate customers and public institutions. The business segment includes the Group’s domestic, international and representative offices offering commercial banking services in ten countries including the UK, Gambia, Senegal, Sierra Leone, China, etc. First Bank has taken the lead in stimulating the Nigerian economy with the roll out of an array of products such as First Advance, USSD banking service, First gem, and Agent banking; to empower customers and boost their business initiatives. With over eighteen million customers, the bank specializes in retail banking and has the largest client base in West Africa. First Bank has played a critical role in financing and supporting the economic growth of Nigeria through Agricultural expansion support, providing multi sectoral business solutions, enterprise elevation of small and medium scale enterprises geared towards fostering sustainable socio-economic value in Nigeria This report aims to determine the bank's global impact and profitability using cash flow analysis and results reveal that the bank is currently thriving on strong market fundamentals and will make giant strides in future.