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FBN Holdings posts N333.2bn gross earnings in 9 months

By on October 30, 2014

FBN Holdings Plc’s unaudited results for the nine months ended 30 September 2014, showed that its gross earnings climbed by 12.5 per cent to N333.2billion, up from the N296.3 billion recorded as at September last year.

The results also showed that the bank’s interest income as at the period under review stood at N176.5 billion, up by 2.4 per cent from N172.4 billionrealised as at September 2013.

Similarly, while its non-interest income as at September was N71.4 billion, representing an increase by 35.5 per cent year-on-year, from N52.7billion, its operating income also improved by 0.4 per cent to N247.3billion.

Nonetheless, FBN Holdings’ impairment charge for credit losses was N13.4 billion down by 15 per cent year-on-year, while its operating expenses at N160.8billion reflected an increase by 15.4 per cent, over the comparable period last year.

Its profit before tax stood at N73.7 billion, representing an increase by 5.2 per cent, year-on-year, as against the N70.1 billion realised last year.

Similarly, the holding company recorded total assets of N4.2 trillion, up by 8.3 per cent, compared to the N3.9 trillion it stood as at December last year.

Commenting on the results, the Chief Executive Officer of FBN Holdings, Bello Maccido noted that despite the tough operating environment, FBN Holdings continued to deliver a resilient level of profitability.

“We remain committed to enhancing shareholder returns by ensuring improved contribution from our subsidiaries and leveraging on opportunities across the Group to drive revenue generation, particularly in non-interest income.

“We will continue to drive efficiencies across our businesses through a number of cost-containmentprogrammes and expect improvement on this front in the short to medium term. Furthermore, we remain focused and confident on ensuring the businesses remain well-funded and adequately capitalised to support our growth initiatives,” he added.

Also commenting on the results for the Commercial Banking Group, the Group Managing Director/Chief Executive Officer, FirstBank of Nigeria Limited, Mr.Bisi Onasanya said the Commercial Banking Business group recorded profit before tax of N74.3 billion, up from N67.7 billion realised as at September last year. This represents an increase by 9.7 per cent.

“In response to the business environment, we have implemented a refined Bank operating model to take advantage of the increasing growth opportunities in retail banking, as well as, ensuring optimal utilisationof resources. This has led to the creation of Lagos & West and South Regions from the former Retail Banking South and Public Sector South Directorates effective August 1, 2014.

“We will continue to challenge ourselves in identifying innovative ways to serve our customers in an environment that provides commendable customer experience and encourages repeat sales. We have also realigned our front-back office workforce ratio in favour of front office to enhance customer’ touch-points and deepen revenue generation capabilities,” he added.

 

[This Day]