FBN Holdings Q3 PAT Rises by 7.8%

• FBN Holdings Q3 PAT Rises by 7.8%

FBN Holdings Plc has reported a profit after tax of N45.8bn for the nine month ended September 30, 2017, representing a 7.8 per cent from N42.5bn reported in Q3 of 2016.

Its profit before tax stood at N55.4bn, down by 3.5 per cent increase from N57.5bn of 2016 Q3.

It also recorded gross earnings of N439.2bn, which was up by 5.2 per cent compared to N417.4bn of the corresponding period of 2016.

Net interest income closed at N254.3bn, rising by 25.3 per cent while non-interest income stood at N74bn, down by 43.5 per cent year-on-year.

Commenting on the results, the Group Managing Director of the financial institution, Mr. UK Eke, said, “FBN Holdings has again demonstrated its resilience in revenue generation with a 5.2 per cent year-on-year growth in gross earnings to N439.2bn following a year-on-year increase of 25.2 per cent in net interest income to N254.3bn.

“The group is progressing in building the right structures for sustainable growth through an improved credit culture and risk management; increased technologically driven operational efficiencies; and the introduction of revenue enhancing platforms.

“The insurance group sustained its strong performance and we expect to see further growth from the retail, corporate and annuity businesses. Similarly, we continue to see strong growth trajectory in the merchant banking and asset management group. These businesses complement our commercial banking business in our aspiration to becoming the leading financial services institution in middle Africa.”

The Managing Director/Chief Executive Officer, First Bank, Dr. Adesola Adeduntan, was also quoted to have said, “On the back of a stronger balance sheet and despite the challenging but improving economic environment, the commercial banking group delivered a 4.5 per cent year-on-year growth in gross earnings — a testament to its resilient revenue generation capabilities.”