May 3 (Lagos) - First Bank of Nigeria Plc reported a profit after tax of 25.52 billion, an increase of over 100% over N 12.16 billion during the same period of 2011. Top line earnings increased by 42% to N 92.28 billion during the first three months of 2012.

Operating expenses increased by 31% to N 45.15 billion. Profit before tax doubled to N 28.85 billion in the first three months of 2012 from N 14.31 billion during the same period of 2011.

Last month First Bank announced an annual profit after tax of 45.7 billion so we expect the net income to rise significantly for 2012 because the first quarter net income is more than 50% of the total net income of 2011. First Bank also announced a dividend of 80kobo per share to its shareholders last month.

Shares of First Bank closed at N 10.47 at the Nigerian Stock Exchange in Lagos yesterday. We expect the positive trand in this stock to continue with a target of N 14. we also expect a significantly higher dividend next year.