News Column

FBN Holdings Posts N212 Billion Gross Earnings, N48.3 Billion Gross Profit in Six Months

August 4, 2014

Helen Oji

FBN Holdings Plc has posted gross earnings of N212 billion in its six months operations, against N196.4 billion achieved in the comparable period in 2013.

Specifically, the bank's unaudited result for the six months ended 30 June 2014, showed gross earnings of N212 billion, higher than N196.4 billion recorded during the same period in 2013, representing an increase of 7.9 per cent while net interest income also rose to N115.2 billion, compared to N112.7 billion achieved in 2013.

The bank's operating income stood N157.8 billion, compared to N155.5 billion in 2013, an increase of 1.5 per cent, while profit before tax (PBT) however stood at N48.3 billion, compared to N54.8 billion posted in 2013.

Commenting on the results, Chief Executive officer of FBN Holdings, Bello Maccido, said: "FBN Holdings has delivered a resilient performance in view of the tough operating environment and regulatory headwinds. Gross earnings closed at N212 billion, 7.9 per cent higher than the previous year with profit before tax at N48.3 billion.

"We continue to implement measures to ensure improved performance with a review of the current business model of our Commercial Banking business group and the Investment Banking and Asset Management business in the coming period.

"This is geared towards harnessing our competitive advantage, delivering excellent service and consolidating our position as a well-diversified and leading financial services Group.

"We remain confident in the future, building further traction from our non-banking subsidiaries, notably the Investment Banking and Asset Management as well as the Insurance business group.

"FBN Holdings is on course to deliver improved performance over 2013 year end PBT of N91.3 billion and we are focused on ensuring our sustained leadership position in the industry."

On the bank's achievement so far, Machido explained that FirstBank issued a $450 million subordinated Tier 2 debt. on 18 July 2014, noting that the proceeds from the capital raising will be used for general banking purposes.

"This is the largest subordinated Eurobond ever issued by any Nigerian financial institution with the lowest coupon by any African financial institution at eight per cent.

FirstBank appointed a new Executive Director/Chief Financial Officer (CFO), Dr Adesola Adeduntan, effective July 1, 2014, following the exit of the previous CFO, Bayo Adelabu, who took up appointment as a Deputy Governor of the Central Bank of Nigeria.

"The bank completed the acquisition of International Commercial Bank (ICB) West African operations through the acquisition of ICB Senegal. The integration of Oasis Insurance, a recently acquired general insurance business, is progressing and nearing completion," he added.

For more stories on investments and markets, please see HispanicBusiness' Finance Channel

Source: AllAfrica

Story Tools Facebook Linkedin Twitter RSS Feed Email Alerts & Newsletters