FBNH Grows Profit After Tax to N74bn in 2019

• FBNH Grows Profit After Tax to N74bn in 2019

FBN Holdings Plc grew profit after tax by 26 percent from N58.232 billion posted in 2018 to N73.665 billion in the financial year ended December 31, 2019.

In the audited financial statements obtained from the Nigerian Stock Exchange, the bank’s profit before tax rose by 30.92 percent to N83.595 billion in 2019, up from N63.853 recorded in the corresponding year of 2018.

Accordingly, gross earnings expanded by 6.74 percent from N587.406 billion in 2018 to N627.008 billion.

The bank had grown profit before tax for the nine months ended September 30, 2019 by 16.92 percent from N51.340 billion filed in 2018 to N60.029 billion.

While profit after tax rose by 15.32 percent to N51.836 billion posted in 2019, up from N44.947 billion.

However, the bank’s interest income declined slightly by 2.98 percent from N337.558 billion in 2018 to N327.469 billion in 2019.

The gross earnings of N439.9bn were flat year on year from N441.5bn in 2018. Net-interest income of N211.4bn was down 4.6 per cent y-o-y N221.5bn in 2018.

Non-interest income of N98.8bn was up by 6.0 per cent y-o-y from N93.2bn recorded in 2018 while operating income of N310.2bn down 1.4 per cent y-o-y from N314.7bn in 2018.