First Bank of Nigeria Plc reported a 1.9% increase in profit before tax to N15.7 billion for the first quarter of 2011, compared to N15.4 billion in the first quarter of 2010. Total assets increased 8.9% year-over-year to N2.5 trillion while loans and advances grew 18% to N1.3 trillion. The bank maintained a strong capital position with a capital adequacy ratio of 19% and is focused on implementing its transformation agenda to continue growing strategically and increasing shareholder value.