FBN Holdings announces N293.3b earnings for H1 2018

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FBN Holdings declares audited results of N5.2tr for 2017
FBN Holdings

FBN Holdings announces N293.3b earnings for H1 2018 – FBN Holdings Plc yesterday announced its unaudited results for the six months ended  June 30, 2018 with gross earnings of N293.3 billion. The earnings rose 1.6 per cent year-on-year when compared with last year’s figures.

The company’s profit before tax rose 9.1 per cent to N38.9 billion, as against 2017 figure N35.6 billion while profit after tax stood at N33.5 billion, up 13.7 per cent when compared with N29.5 billion in 2017.

Its total assets stood at N5.3 trillion, up 1.3 per cent year-to-date while customer deposits rose 4.1 per cent to N3.3 trillion, s against N3.1 trillion in 2017.

FirstBank indicated its intention to call the 8.25 per cent $300 million FBN Finance Company B.V. Subordinated callable note due in 2020. The bank opened a digital laboratory as part of its strategy to drive innovation in the digital banking space.

Commenting on the results, its Group Managing Director, UK Eke, said: “FBNHoldings continues to make steady progress towards delivering on its strategic targets. This has been demonstrated with a 13.7 per cent  y-o-y increase in profit after tax, 21.4 per cent y-o-y growth in non-interest and 15.4 per cent y-o-y decline in impairment charge. Clearly, the Group is on its way to delivering its promises on asset quality, enhancing revenue generating capacity through non-interest income and driving further efficiencies.”

As we ramp up initiatives to grow interest income, we remain focused on the implementation of key initiatives across our subsidiaries and further strengthen our businesses towards delivering sustainable performance as well as optimising returns to our shareholders.

Commenting on the results, the Managing Director/CEO of FirstBank and its Subsidiaries, Adesola Adeduntan, said: “The Commercial Banking Group reported a relatively strong set of results and I am pleased to report consistent improvement towards our strategic objectives. This is reflected in a strong 28.5 per cent y-o-y increase in non-interest income, 15.5 per cent y-o-y reduction in the impairment charge and a marginal increase of 0.9 per cent y-o-y in operating expenses, despite the high inflationary environment.”

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