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FBN Holdings Grew Earnings by 0.3% in H1



FBN Holdings
  • FBN Holdings Grew Earnings by 0.3% in H1

FBN Holdings Plc declared a 0.3 percent increase in gross earnings to N294.2 billion at the end of June 2019, up from N293.3 billion filed in the same period of 2018.

In the financial results released through the Nigerian Stock Exchange, the company disclosed that profit before tax rose by 2.6 percent from N38.9 billion in H1, 2018 to N39.9 billion in H1, 2019.

Similarly, non-interest income grew by 3.6 percent from N61.3 billion in H1, 2018 to N63.6 billion in H1, 2019. While net-interest income declined by 2 percent to N146.7 billion, down from N149.6 billion achieved in the same period of 2018.

Again, operating income dipped 0.3 percent from N210.9 billion in H1, 2019 to N210.3 billion in H1, 2019.

Profit after tax declined by 5.4 percent to N31.7 billion in the first half of the year, below the N33.5 billion recorded a year ago.

Speaking on the results, the Group Managing Director, UK Eke, said, “Despite the difficult operating environment, we remain resolute in delivering on our guidance across key metrics including our commitment towards a single digit NPL ratio by the end of year, as evidenced by the reduction in Non Performing Loans from the last quarter.

“Essentially, Atlantic Energy – our largest NPL, was written off, translating into a decline in the NPL ratio from 25.9 per cent in December 2018 to 14.5 per cent as at June 2019, a step that brings us closer to our FY 2019 target and creates more headroom for quality asset growth.

“This is paving the way for sustained improvement in asset quality and a further reduction in impairment charges that will allow us to take advantage of enhanced earnings opportunities when they arise. Furthermore, we have remained focused on deepening our transaction-led income and are uniquely positioning for stronger revenue growth and value creation.”

CEO/Founder Investors King Ltd, a foreign exchange research analyst, contributing author on New York-based Talk Markets and, with over a decade experience in the global financial markets.