FBN Holdings Post N80 Billion Profit After Tax for 2020

FBN Holdings Plc grew Profit After Tax (PAT) to N79.708 billion in 2020, up from N73.665 billion achieved in 2019.

Net interest income stood at N256.691 billion during the period under review, below the N279.592 billion posted during the same period of 2019.

Accordingly, net interest income after impairment charge for losses dipped from N228.499 billion in 2019 to N205.816 billion in 2020. While operating profit grew to N78.058 billion in 2020, up from N75.199 billion in 2019.

Profit before tax rose from N75.286 billion filed in 2019 to N78.114 billion in 2020.

Profit for the year grew from N73.665 billion achieved in 2019 to N79.708 billion in 2020.

Last year, Mr. UK Eke, the Group Managing Director, FBN Holdings Plc, told shareholders of the company that the long-term strategy is to become one of the foremost financial institutions in sub-Saharan Africa.

This he assured would be attained given ongoing strategy to reposition the Group and cut down non-performing loans.

“Now that we are on course for a normalised non-performing loan (NPL) territory in 2020 and with our leadership position in electronic channels, the Group is positioned to take advantage of the evolving opportunities in the market for the benefit of our esteemed shareholders,” Eke said.