FBN Holdings Plc’s Board of Directors and Management stated that the company will continue to focus on driving sustainable growth and strengthening its digital banking capabilities in order to provide best-in-class services to all segments of its customers across all footprints in Sub-Saharan Africa and beyond.
Despite the challenging operating environment, the bank made an N66 billion profit in six months.
According to the bank’s unaudited H1 2022 Financial Statement, gross earnings increased by 22% year on year (y/y) to N338.5 billion from N276.1 billion in the same period in 2021. Furthermore, its net interest income increased by N152.9 billion from N102.4 billion, profit before tax (PBT) increased to N65.7 billion from N45.7 billion, and profit after tax (PAT) increased by 49% from N38.1 billion in 2021 to N56.5 billion in 2022.
Nnamdi Okonkwo, Group Managing Director, commented on the results, saying the group’s performance was resilient, and that progress in its performance metrics remained consistent with the group’s focus on driving sustainable growth.
Okonkwo stated that the group remains committed to its transformation drive, which has resulted in a stronger balance sheet and improved asset quality, with non-performing loans falling to 5.4% in H1 2022.
“Our strategic intent remains unchanged in terms of optimizing opportunities that drive revenue, profitability, capital accretion, and overall operational efficiency that delivers long-term value to our stakeholders,” he said.
In addition, Dr. Adesola Adeduntan, Chief Executive Officer of First Bank of Nigeria Limited (Commercial Banking Group), stated that the commercial banking group remained focused on executing key initiatives to position the group for improved profitability in FY 2022 despite a challenging operating and dynamic regulatory environment in H1 2022.