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Nigeria London Johannesburg Paris Beijing Abu Dhabi Democratic Republic of Congo First Bank of Nigeria Plc Annual FIRST BANK OF NIGERIA PLC ANNUAL REPORT AND ACCOUNTS 2011 NIGERIA LONDON JOHANNESBURG PARIS BEIJING ABU DHABI DEMOCRATIC REPUBLIC OF CONGO Read this report online First Forward – on our transformation journey This year’s report title, First Forward, reflects our progress towards consolidating our industry leadership. During the year, we navigated a Benefits of viewing competitive and evolving financial landscape and continued transforming this report online our business and the way we interact with a dynamic marketplace. • Quick and easy navigation The banking and broader financial services industry remains • Search tool fundamentally attractive now and for the medium to long term. We • Download the full report believe that sustained improvement in our performance, clarity of • Download report sections direction and restructuring ideally positions us to readily recognise and • Download Excel files seize these opportunities and realise our aspiration to become Sub- • ‘Compare to last year’ Saharan Africa’s leading financial services group. function In 2012, we will offer more integrated solutions for our customers, improve our standards of excellence and ultimately drive value for our shareholders. www.firstbanknigeria.com/ annualreport/2011 About FirstBank FirstBank has its headquarters in Lagos, Nigeria and international presence in London, United Kingdom; Paris, France; Johannesburg, South Africa; Beijing, China; Abu Dhabi, UAE; and Kinshasa, DR Congo. Drawing from our experience since 1894 and with a focus on growth and efficiency, we continue to consolidate our footprint in Nigeria, diversify and transform our Bank and Visit our investor relations website build scale internationally. Being the most resilient financial brand in Nigeria, we remain the ‘clear leader and Nigeria’s bank of first choice’ delivering best-in-class financial results www.firstbanknigeria.com/ir/ while creating the enabling environment for sustainable long-term growth. The FirstBank Group is a well-diversified financial institution with subsidiaries involved in Financial calendar www.firstbanknigeria.com/ir/financialcalendar capital market operations, insurance services, investment banking and asset management, private equity/venture capital, pension fund custody management, registrar services, Credit ratings trusteeship, mortgage and microfinance banking. Within the Bank, we are structured www.firstbanknigeria.com/ir/ratingreports along corporate, institutional, private, public and retail banking customer segments, giving us the ability to drive deeper product penetration and develop sector expertise with relationship management based on a deep understanding of customer needs. FirstBank has been listed on the Nigerian Stock Exchange since March 1971 and has an unlisted Global Depositary Receipt (GDR) programme. Currently, there are 32.6 billion issued shares with ownership from over 1.3 million shareholders across the globe. The Bank continues to maintain strong ratings from Standard & Poor’s, Fitch, Global Credit Rating and Agusto & Co. A recipient of several awards during the year, FirstBank attained a BS 25999 certification in Business Continuity Management Systems from the British Standards Institute (BSI), indicating a resilient capacity in achieving key business objectives when faced with disruptions whether due to a major disaster or a minor incident and a consistent framework based on international best practice to managing business continuity. FirstBank Group has 717 business locations and 1,538 ATMs nationwide. Contents Introduction 2 Risk management and governance 113 Financial statements 173 Overview of FirstBank 2 Chief Risk Officer’s report 114 Statement of significant accounting policies 174 Financial and non-financial highlights 4 Risk management framework Balance sheet 180 Quick read Our approach 116 Profit and loss account 182 Group strategy 6 Governance and internal control 118 Cash flow statement 183 Bank strategy 8 Risk management disclosure Notes to the financial statements 184 Progress on our Bank transformation 10 Credit risk 121 Financial risk analysis 230 Review of operations 16 Market risk 127 Group statement of value added 239 Chairman’s statement 18 Liquidity risk 131 Bank statement of value added 240 Leadership and governance Operational risk 134 Group five-year financial summary 241 Board of Directors 20 Information security risk 139 Bank five-year financial summary 243 Executive Vice Presidents 21 Compliance risk 142 Managing Directors of subsidiaries 22 Legal risk 144 Company information 245 Shareholder representatives on the Directors’ report 146 Group and department heads 246 Audit Committee 22 Corporate governance report 150 Contact information 248 Awards 23 Accountability and audit Branch network 249 Responsibility statement 168 Business review 25 Report of the External Consultant Shareholder information 269 Group Managing Director/ on the Board Appraisal 169 Chief Executive Officer’s review 26 Report of the Independent Joint Auditors 170 Shareholder information Operating environment 30 Audit Committee statement 171 Global depositary receipts (GDR) programme 270 Strategy and performance Directors and advisers 172 Share statistics 270 Strategic overview 32 Dividend history 270 Group strategy 34 Shareholding structure as at 31 December 2011 271 Bank strategy 38 2012 FirstBank financial eportingr calendar 271 Progress on our Bank transformation 48 Share capitalisation history 272 Review of operations 57 Notice of Annual General Meeting 273 Key Performance Indicators 73 Proxy form Key risk summary 78 E-products activation form Financial review Stockbroker e-lodgement activation form Macro and industry overview 83 Analysis of Group performance 84 Glossary of ratios 281 Analysis of subsidiary performance 96 Abbreviations 283 Corporate social responsibility 106 Outlook 111 www.firstbanknigeria.com/annualreport/2011 First Bank of Nigeria Plc Annual Report and Accounts 2011 1 Introduction Business review Risk management and governance Financial statements Company information Shareholder information Overview of FirstBank For more detail Group structure turn to page 36 The FirstBank Group comprises 12 subsidiaries, spanning asset management, investment banking, capital markets, insurance, microfinance, private equity, mortgage and pension fund custodian services – making it one of the FirstBank most diversified financial conglomerates on the continent. FBN Banque FBN Bank FBN First FBN First FBN Life First First FBN FBN Bureau Inter- (UK) Insurance Pension Microfinance Registrars Assurance Funds Trustees Mortgages Capital de nationale Limited Brokers Custodian Bank Change de Crédit FBN Bank (UK) FBN South Africa China Abu Dhabi Limited Securities Rep. Office Rep. Office Rep. Office Paris branch For more detail Our presence Strategic approach turn to page 32 Restructuring for growth Group vision Group Business line expansion BEIJING To become Sub-Saharan Africa’s strategic International expansion LONDON priorities Group synergies and cross-selling PARIS leading financial services group Sequencing growth systematically ABU DHABI Fees and commissions increase Bank Selective loans and advances (LAD) creation LAGOS financial KINSHASA priorities Pricing optimisation Low-cost deposit mobilisation Bank vision Operating expenses (OPEX) containment JOHANNESBURG To be the clear leader and Nigeria’s bank of first choice Service excellence Bank non- Brand transformation financial Talent management Head office Branch of London priorities Performance management Subsidiary Representative office Credit quality/process excellence 2 First Bank of Nigeria Plc Annual Report and Accounts 2011 www.firstbanknigeria.com/annualreport/2011 For more detail go to Market capitalisation Credit ratings www.firstbanknigeria.com/ir/creditratings Report date National International Outlook 6.7% LONG TERM SHort23.8% TERM LONG TERM SHort TERM Standard & Poor’s January 2012 ngA+ ngA-1 B+ B Positive N290.43bn Fitch ratings September A+(ngA) F1(ngA) B+ B Stable 2011 Global credit ratings August 2011 AA- A1+ - - - 13% Agusto & Co August 2011 A+ - 42% - - Stable Strategic Business Units (SBUs) 0.9% 0.5% Corporate Institutional Private Public Sector Retail Treasury1 Banking Banking Banking 6.7%Banking Banking Customer Private organisations Multinationals and High net worth Federal and State Mass retail, affluent Treasury and 23.8% 29.1% segments with annual large corporate individuals and governments as10.2% well as small corporate related 6.7% 6.7% revenue greater than 23.8%clients with revenue families business and Local activities 13% N500 million and greater than governments midsize and large N5 billion 23.8% corporate clients with annual revenue in 6.7% 42% excess of N5 billion but 13% with a key man risk 0.9% 49.6% 18.3% 6.7% 23.8% 13% 42% 13% 42% Net revenue 6.7% N’mn 31,397 23.8% 39,301 1,591 30,444 109,016 32,968 0.5% 23.8% 29.1% % of deposits 0.9% 0.9% 13% 42% 0.7% 0.9% 6.7% 0.5% 42% 13.0% 0.9% 29.1% 49.6% 0.7% 6.7% 13% 0.5% 23.8% 6.7% 6.7% 10.2% 13% 13% 0.9% 29.1% 29.1% 42% 0.9% 49.6% 6.7% 0.7% 0.5% 29.1% 49.6% % of loans 29.1% NA 49.6% and advances 0.9% 0.5% 29.1% 0.7% 10.2% 13% 23.8% 48.2% 0.5% 9.0% 18.5% 0.9% 10.2% 49.6% 18.3% 42% 23.8% 10.2% 13% 23.8% 23.8% 0.5% 42% 42% 0.5% 0.7% 10.2% Number of accounts 0.5% 18.3% NA 3,876 2,045,4990.7% at the end of 2011 7,441 3,757 701 10.2% 49.6% 29.1% 10.2% North18.3% 18.3% North 0.9% 29.1% 42% 49.6% 18.3% 18.3% 0.9% 4,077 5,651,841 0.5% South South 10.2% See page 61 See page 63 See page 66 See page 68 See
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