Home Business FBN Holdings Reports 31.7% Increase in Profit to N68.2bn

FBN Holdings Reports 31.7% Increase in Profit to N68.2bn

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FBN Holdings Plc has reported 31.7 per cent increase in profit after tax to N68.2 billion in its nine months unaudited results for period ended September 30, 2020 as against N51.7 billion reported in nine months ended September 30, 2019.

The Holdings financial institution in its unaudited results to the Nigerian Stock Exchange (NSE) on Friday reported profit before tax of N63.3 billion, up 16.2per cent year-on-year  (y-o-y)  as against N54.5 billion reported in nine months ended September 30, 2019.

The group’s gross earnings gained 5.1 per cent to N439.3 billion, up 5.1 per cent y-o-y (Sept 2019: N417.9 billion)

Commenting on the results, U.K. Eke, the Group Managing Director of FBNHoldings said, “In the quarter under review, there was gradual relaxation of the lockdown and measured resumption of economic activities.

“Our nine months financial results validate our investment to diversify revenue towards non capital consuming transactions and non-funding transactions. This has broadened our earnings base as we continue to innovate and extend our proposition to the customers through electronic banking offerings.

Despite the challenged operating environment, our results reaffirm our resilience, focus on enhancing shareholder value and capacity to deliver on long-term goals. The steady growth in our performance with profit after tax up 31.7 per cent y-o-y reflects the strength of our organisation to continually navigate the tough operating market conditions.

“We continue to keep a tight control on risk management, while we grow and diversify our loan book, ensuring that the non-performing loan ratio for our vintage book remains at single digit. Similarly and in line with our strategic objective, opertaional efficicency remains a key focus even within the high inflationary environment.

“Going forward, our focus is to consolidate our leading position through our digital offerings and remain nimble to take advantage of emerging opportunities as we propel our performance for enhanced profitability.”

 

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