FBN Holdings assures shareholders of better returns on investment

The FBN Holdings Plc on Thursday assured its shareholders of better returns on investment in the near future due to the drive for growth in each of its business lines.

Mr Bello Maccido, the company’s Group Chief Executive Officer, said this at the company’s Second Annual General Meeting in Lagos.

Maccido said that the drive growth would enhance the aggregate performance of the group.

He said the growth would be complemented by reinforcing the pre-eminence of the company’s commercial banking franchise and harnessing of its non-banking subsidiaries.

He said that 2013 was challenging due to various regulatory challenges of the apex bank.

Maccido, however, announced a total dividend of N35.89 billion for the financial year ended Dec. 31, 2013, which was approved by the shareholders.

The News Agency of Nigeria (NAN) reports that the dividend translated to N1.10 per share, as against the N1 paid in 2012.

Maccido said that the company’s net interest income grew by 1.5 per cent to N230.12 billion, as against N226.61 billion achieved in 2012

He said that the growth was due to the improved performance of its non-banking subsidiaries.

Maccido added that the company’s profit before tax declined by 2.8 per cent to N91.34 billion, when compared with the N93.9 billion posted in 2012.

According to him, the profit after tax stood at N70.63 billion, as against the N76.80 billion posted in 2012.

He also said that the commercial banking group posted a profit before tax of N87.46 billion when compared with the N87.14 billion achieved in the preceding year.

The result, according to him, indicated that the commercial banking group contributed 93.7 per cent of the total revenue of the company.

Maccido said that the investment banking and asset management, insurance and other financial services contributed 4.9 per cent, 0.9 per cent and 0.5 per cent, respectively. (NAN)