Business

FBN Holdings posts N90bn profit as total assets hit N7.7trn

FBN Holdings Plc, the parent company of leading tier 1 lender, FirstBank of Nigeria Limited, has declared N89.73 billion as profit for the year in its audited result for the financial year ended December 31, 2020. The result shows that the profit rose by 21.8 per cent when compared with N73.7 billion achieved in the corresponding period of 2019.

The result also reveals that FBNH grew its total as sets by 23.9 per cent to N7.7 trillion in 2020 from N6.2 trillion in the previous year. Similarly, customer deposits jumped by 21.8 per cent to N4.9 trillion in 2020 from N4 trillion in the preceding year. The result further shows that the company’s non-interest income was up by 26.7 per cent to N174.7 billion in 2020 from N137.9 billion in 2019. Commenting on the result, the Group Managing Director FBNH, Mr. U.K Eke, said: “FBNHoldings is pleased to close the year in a healthy financial position despite the difficult operating environment that has been characterised by unprecedented events as a result of the pandemic and challenging economic environment. “As part of our strategic planning cycle, which is in the second year, we exited the insurance underwriting business through the sale of our interest in FBNInsurance to our long-term partner, the Sanlam Group. This decision is consistent with our portfolio optimisation strategy, underscored by the renewed focus on deepening our foothold in the banking sector through increased investment in digitalisation, innovation, and expansion in financial services for the M benefit of our existing.

 

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