FBN Holdings gross earnings increase by 4.9%, profit declines by 82%

FBN Holdings Plc have posted gross earnings of N505.2 billion in its 2015 operations. This represents 4.9 per cent growth, when compared to N481.8 billion achieved during the corresponding period in 2014.

The bank’s profit after tax, however, stood at N15.1 billion, down from N84 billion recorded in 2014.

According to a statement by the bank, net interest income rose from N243.9 billion to N265.0 billion during the year under review while
operating income stood at N364.4 billion,  2.3% rise when compare to  N356.2 billion in 2014.

The bank’s total assets stood at N4.2 trillion down 4.1 per cent when compared to  N4.3 trillion; its customer deposits was N2.97trillion, down 2.6 per cent from N3.1trillion in 2014.

Commenting on the bank’s results, the Group Managing Director, FBN Holdings, Urum Eke, said, “This has been a very difficult time in the history of our institution. Despite the tough macroeconomic and regulatory backdrop during the year, our underlying business remains strong as reflected in the gross earnings growth of 4.9 per cent to N505.2 billion.

He pointed out that the Holding company platform has provided support in mitigating the impact of credit losses and the vulnerabilities experienced by the commercial banking business.