Home Business & Economy FBN Holdings reports gross earnings of N293.3b in H1 2018

FBN Holdings reports gross earnings of N293.3b in H1 2018

FBN Holdings reports gross earnings of N293.3b in H1 2018

COMFORT EKELEME

FBN Holdings Plc said its gross earnings of N293.3billion, up by 1.6 per cent year-on-year as against the N288.8 billion recorded in June 2017.

In the unaudited results for the six months ended June 30, 2018, he group maintained that it continues to make steady progress towards delivering on its strategic targets.

According to the result, the bank recorded a Net-interest income of N149.6billion, down 8.8per cent year on year, N164.1 billion in June 2017, and Non-interest income of N61.3billion, up 21.4per cent year on year (Jun 2017: N50.5billion), also, operating income of N210.9billion, down1.6per cent year on year (Jun2017: N214.4billion)

The report equally stated that impairment charge for credit losses of N52.8 billion was down 15.4per cent year on year (Jun2017: N62.4 billion), Operating expenses of N119.3billion, up2.3percent, Profit before tax of N38.9billion, up 9.1percent and Profit after tax N33.5 billion, up13.7percent.

Also, noted that the group’s total assets stood at of N5.3 trillion, up 1.3per cent year-to-date year to date (Dec 2017: N5.2 trillion), Customer deposits of N3.3trillion, up 4.1per cent year to date (Dec 2017: N3.1 trillion), Customer loans and advances (net) of N1.9trillion, down 7.1per cent year to date (Dec 2017: N2.0 trillion).

Commenting on the results, the Group Managing Director U.K Eke said “FBNHoldings continues to make steady progress towards delivering on its strategic targets. This has been demonstrated with a 13.7 percent y-o-y increase in profit after tax, 21.4percent y-o-y growth in non-interest and 15.4percent 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 optimizing returns to our shareholders,” he said.

Managing/ Chief Executive Officer of FirstBank and its subsidiaries Adesola Adeduntan, commenting on the results 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 28.5per cent y-o-y increase in non-interest income, 15.5percent per cent y-o-y reduction in the impairment charge and a marginal increase of 0.9per cent y-o-y in operating expenses, despite the high inflationary environment. It is clear that our efforts to enhance our revenue generating capabilities, strengthen the risk management and control environment as well as to optimize efficiencies within our business are paying off.

“We remain focused on maximizing the potential of our business, innovating to expand access to new markets and increasing the contribution of our international subsidiaries, using technology as a key enabler. We expect further improvements in the coming periods, from growth in the quality and yields of the loan book to enhanced remediation efforts, service delivery excellence and the risk and control environment. I am confident in the capacity of our business to deliver the expected results,” he said.

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