Business

FBN Holdings’ H1 profit rises by 56.3%

FBN Holdings Plc announced its unaudited results for the six months ended June 30, 2020 with a profit after tax growing by 56.3 per cent. According to report obtained from the Nigerian Stock Exchange (NSE), the profit after tax stood at N49.5 billion, up 56.3 per cent y-o-y, from N31.6 billion reported in 2019. The bank recorded profit before tax of N41.4 billion, up 14.3 per cent y-o-y from N36.2 billion posted a year earlier. Gross earnings stood at N296.4 billion, up 5.8 per cent year-on-year (y-o-y) as against N280.3 billion in 2019.

Net-interest income was N131.3 billion, down 7.4 per cent y-o-y from N141.7 billion in 2019. Commenting on the results, UK Eke, the Group Managing Director of FBNHoldings, 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 per cent y-oy 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 ebanking capabilities, and operational efficiency utilizing technology.

“During the quarter, we successfully divested from the underwriting (insurance) businesses to focus on our banking operations. “We are confident this will enhance greater value to our stakeholders and strengthen the group’s resolve to consolidate its leadership of the banking sector. Following the divestment, FBNHoldings injected Tier 1 capital into FirstBank, effectively increasing its CAR to 16.5 per cent. This provides a comfortable buffer against regulatory requirements with the potential to support any emerging business opportunities.

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