FBN Holdings PAT Rises 56.3%, Total Assets Hit N7.1trn
By UDO ONYEKA
FBN Holding PLC, FBNH, on Wednesday announced its unaudited results for the six months ended June 30, 2020, showing a profit after tax of N49.5 billion, up by 56.3 per cent when compared with N31.6 billion in the corresponding period of 2019.
The bank’s gross earning during the period under review was N296.4 billion, a 5.8 per cent when compared with N280.3 billion in 2019.
This growth was driven by 46.8 percent increase in the company’s Non-Interest income which rose to 80.1 billion in H1’2020 from N54.6 billion in the firs half of 2019.
The statement among other things showed the bank’s financial position was robust with a total assets of N7.1 trillion , a 14.9 per cent rise from N6.2 trillion in December 2019.
Customer deposit also moved up by 8.8 per cent from N4.4 trillion from N4.0 trillion in December 2019.
The bank’s loans and advances to its teeming customers also rose by 7.7 per cent from N1.9 trillion in December 2019 to N2.0 trillion in June 2020.
All the bank’s key ratios were strong and with the regulatory recommended levels.
Commenting on the results, the Group Managing Director of FBNHoldings, Mr U. Eke said: “The H1 2020 financial results are impressive and reconfirm our consistent focus on enhanced shareholder value. Despite the difficult operating environment, the H1 results demonstrate our resilience and capacity to deliver on long-term ambitions.
” The 56.3 percent Year-on-Year ( y-o-y) growth in profit after tax for the period is a testament to the strength of our organisation to continually deliver exceptional services to our customers in these unprecedented times. We have been able to achieve this feat by leveraging our agent banking network, innovative e-banking capabilities, and operational efficiency utilizing technology.
“ Following the divestment, FBNHoldings injected Tier 1 capital into FirstBank, effectively increasing its CAR to 16.5%. This provides a comfortable buffer against regulatory requirements with the potential to support any emerging business opportunities.
“Looking ahead, we remain cautious, but we are confident that our business is fundamentally strong to withstand any future challenge towards enhanced performance”, he said.
