FBN Holdings post N595.4b gross earnings, N47.8b full year profit
Specifically, the bank’s audited result showed 2.3 per cent rise in gross earnings to N595.4billion, up from N581.8billion achieved in the corresponding period in 2016.
Similarly, the bank’s PAT stood at N47.8billion, representing 178.8 per cent increase when compared to N17.1billion posted in the previous year.
Its profit before tax stood at N56.8billion, a 147.6 per cent rise over the N22.9billion achieved a year before.
Based on the performance, the directors recommended a dividend of N0.25 per share due to every shareholder of the bank for the 2017 financial year.
Furthermore, the bank’s net interest income rose from N304billion to N331.5billion during the period under review, while impaired charges for credit losses stood at N150.4billion, representing 33.5 per cent reduction over N226.0billion recorded in 2016.
The bank’s total assets rose from N4.7trillion to N5.2trillion during the year under review representing 10.5 per cent increase, while customer deposit stood at N3.14trillion higher than N3.10 trillion in 2016.
The Group Managing Director, FBN Holdings, UK Eke, explained that the strategy adopted is currently yielding a positive result.
“As evident by the continually improving set of results, the initiatives we have put in place are producing encouraging results ahead of our projections.
It is noteworthy to highlight that this progress has not been detrimental to our commitment to cost containment, illustrated by the 7.7 per cent y-o-y increase in opex, which is significantly below the headline inflation rate of 15.4 per cent
“This result was also made possible by the successful implementation of our digitisation initiatives, which have allowed us to serve our customers in a more efficient and effective way.
It is re-assuring that our dominance in the electronic platform has positioned the Group for a prosperous future, and our holding company model is yielding further synergies and increasing cross selling amongst all the operating companies in the Group.”
He continued: “However, we recognised that the need for accelerated resolution of our legacy assets to demonstrate sustainable improvement in asset quality, as the progress we made during the year was moderated by developments in Q4, which kept our performance below guidance.
“This was largely as a result of the impairment of 9mobile, which was across the industry, as well as the foreign currency translation impact on our existing portfolio.
These are one-off events and we assure that appreciable progress would be made on NPL in 2018 in line with our three years strategic plan.
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