Home Business FBN Holdings Reports 9.2% Increase In Profit To N45.2bn

FBN Holdings Reports 9.2% Increase In Profit To N45.2bn


UFBN Holdings plc on Friday reported 9.2per cent profit increase before tax to N45.2 billion in its unaudited result and accounts for half year ended June 31, 2021(H1) from N41.4 billion reported in half year ended June 30, 2020.

The group profit after tax also rose by nearly seven per cent to N38.1 billion in H1 2021 from N35.6billion reported in H1 2020.

FBN Holdings reported a decline of 1.7per cent in gross earnings to N291.2billion in H1 2021 from N296.4 billion reported in H1 2020.

The group total assets rose by 4.4 per cent to N8.02trillion as at June 302021 from N7.69trillion reported in full year ended December 31, 2020.

Commenting on the results, the Group Managing Director, Urum Kalu Eke, said: “FBNHoldings delivered a resilient performance in the half year, reflective of our focus on strengthening the organisation in recent years.

“We remain committed to our strategic objective of driving further stability in performance, as well as delivering sustainable growth over the years to come.

“In line with our focus on revenue diversification, we continue to grow our non-interest income as we progressively become a more transaction-led institution and implement innovative and technological driven measures to improve overall efficiency.

“The macro and socio-economic conditions remain challenging given the COVID-19 pandemic and the low-interest rates environment.

“While these points negatively impacted overall revenue generation, we are confident that FBNHoldings can navigate this challenging operating environment and keep delivering sustained innovative solutions that enrich customer experience as well as deepen financial inclusion.

“During the period, the CBN appointed new non-executive Directors at FBNHoldings and FirstBank, and retained the Executive Management.

“As we transition from the clean-up phase, after firmly stabilising and strengthening the institution, we forge ahead with vigor and unwavering commitment to deliver growth, enhance profitability and restore the organisation to its leadership position.”


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