FBN Holding grows profit by 10.3% in 2016

FBN Holdings Plc. yesterday announced its audited results for the full year ended 31 December 2016, with profit after tax grew up to N17.1 billion,  or 10.3% increase above the N15.5 billion in 2015.

The group also recorded gross earnings of N581.8billion, up 15.7% year-on-year and net-interest income of N304.4 billion, up 14.8%. Commenting on the results, UK Eke, the Group Managing Director said: “2016 has been a year characterised by significant uncertainty in the operating environment.

Despite this, FBNHoldings has delivered a solid performance while focusing on addressing the pre-existing issues in the loan book which resulted in the current loan loss. This performance has been achieved through ongoing initiatives in driving efficiency across the various businesses, transforming the risk management and control environment, containing cost, as well as enhancing revenue generation from the banking and non-banking subsidiaries.

[Daily Trust]

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