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FBN Holdings grows profit, pays N1 dividend

By on May 2, 2013

First Bank of Nigeria Holdings Plc on Tuesday announced a profit before tax of N92.7 billion for the financial year ended Dec.31, 2012.

In a press statement issued in Lagos, the company said the profit before tax represented a growth of 158.5 per cent compared to the N35.8 billion declared in the corresponding period of 2011.

It said profit after tax grew by 306 per cent to N75.7 billion against N18.6 billion recorded in the preceding year.

The statement said the board of directors of the company was proposing a dividend payment of N1 per share to all shareholders.

It said gross earnings increased by 31.4 per cent to N359.8 billion against the N273.8 billion posted in 2011.

The company’s operating income increased by 25.8 per cent to N298.3 billion in contrast with N237 billion in the previous year, while customer deposits stood at N 2.4 trillion against N2 trillion announced in 2011.

Also, its total assets grew by 11.4 per cent from N2.9 trillion in 2011 to N3.2 trillion during the period under review.

Commenting on the results, Malam Bello Maccido, the Chief Executive Officer, FBN Holdings, said that the focus was on consolidating the group’s leadership position in Nigeria.

Maccido said that the company would continue to grow its different business lines and ensure provision of financial solutions to its customers across the entire value chain.

“We are intensifying efforts to facilitate the realisation of these synergies, crystallise cross selling opportunities and deepen the relationship with our customers,” he said.

( PM News)