ISSN – PRINT:2756-4495 | ONLINE: 2756-4487
Volume 03, Issue 02 – 2023
Wariboko Chioma Happiness,
This study uses Porter’s five forces of analysis, an internal examination of the company, and a SWOT analysis to assess First Bank of Nigeria’s strategic management positioning for sustainable growth based on its growth dimensions, demand determinants, and profitability drivers. A country’s GDP can be increased by increasing credit, as evidenced by First Bank’s performance in terms of capital adequacy, asset quality, management effectiveness, earnings quality, liquidity, sensitivity to market risk, and overall risk management strategy.
The Boston Consulting Group matrix analysis recommended three key growth strategies for banks: market penetration, product development, diversification and divestment. Market penetration involves the use of “star” products to boost growth and performance, while product development involves creating new services or products with a broad range of options. Diversification involves pursuing newness outside the mainstream of existing businesses, while divestment is a strategy for weak generators of cash. The performance matrix used to measure First Bank’s sufficiency, found that the frameworks were mutually reinforcing. The study suggests that a Bank must collaborate with
Fintech Companies for enhanced market share in the digital space, migration of customers to electronic banking channels to minimize operating costs, radical improvement of turnaround time (TAT) by adopting cutting-edge technology in the operational process, reduction in incessant network downtime, leveraging on large customer base and goodwill for market development of new products and services, and roll out an array of robust digital bank products to retain technological savvy.
Keywords: First Bank; Capital Sufficiency; Asset Quality; Management; Effectiveness
ORCID ID: 0000-0003-1591-1141