FBN Holdings Plc Declares N51.75bn PAT in Q3 2019 Results

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Highlights

  • Interest Income decreased by 2.99% to N327.47bn from N337.56bn in Q3 2018
  • Profit before Tax increased by 16.92% to N60.03bn from N51.34bn in Q3 2018
  • Profit after Tax increased by 28.16% to N51.75bn from N44.89bn in Q3 2018
  • Total Equity increased by 14.0% to N604.93bn from N530.65bn in Q3 2018

FBN Holdings Plc said it recorded N439.9bn gross earnings, flat year-on-year, from January to September 2019 from N441.5bn in the corresponding period of 2018.

In a statement on its unaudited results for the nine months ended 30 September 2019, it said its net-interest income was N211.4bn in the period under review, down 4.6 per cent y-o-y from September 2018 figure of N221.5bn.

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The group said its non-interest income of N98.8bn rose by six per cent y-o-y from N93.2bn in the corresponding period of last year.

Its operating income fell by 1.4 per cent y-o-y to N310.2bn from N314.7bn; while impairment charge for credit losses of N28.5bn improved by 62.6 per cent y-o-y from N76.2bn in the corresponding period of 2018.

The operating expenses rose by 18.4 per cent y-o-y to N221.7bn, from N187.2bn as of September 2018.

Profit before tax of N60bn in September 2019 rose by 16.9 per cent y-o-y from the corresponding period of 2018 which was N51.3bn.

Its profit after tax rose by 15.3 per cent y-o-y to N51.8bn in Q3 2019, from N44.9bn as of the end of third quarter 2018.

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Commenting on the results, the Group Managing Director, UK Eke, said, “Our performance in the third quarter reflects the growth trajectory over the first nine months of the year, with significant strides made in transforming the group’s asset quality and diversifying our revenue streams across the board.

“During the third quarter, our NPL declined further to 12.6 per cent as we approach the end of the curve in the resolution of our legacy portfolio and are confident of further reducing this to under 10 per cent by the end of the current financial year.”

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