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FBN Holdings posts 45.2bn profit in 6 months

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FBN Holdings posts 45.2bn profit in 6 months

FBN Holdings Plc posted a profit before tax (PBT) of 45.2 billion naira in its unaudited financial results for the six-month (H1) ended June 30.

The company’s group chief executive, Mr. Urum Kalu Eke, revealed in a statement made available to journalists on Sunday in Lagos.

Profit before tax increased 9.2% from the 41.4 billion naira recorded in the comparative period of 2020.

Profit after tax (PAT) stood at 38.1 billion naira compared to 35.6 billion naira posted in the corresponding period of 2020, indicating an increase of 6.9%.

However, the company’s gross profit fell 1.7% to N291.2 billion during the period under review from N296.4 billion recorded in the previous period.

The operating expenses of the company registered an increase of 9.6 percent from N152.6 billion to N139.2 billion posted in the comparative period.

Commenting on the results, Eke said the result reflected FBN Holding’s focus on strengthening the organization as well as its commitment to strategic goals to ensure stable performance and ensure sustainable growth.

“In line with our focus on income diversification, we continue to increase our non-interest income as we gradually become a more transaction-oriented institution and implement innovative and technological measures to improve efficiency. overall.

“Macroeconomic and socio-economic conditions remain difficult given the COVID-19 pandemic and the low interest rate environment.

FBN Holdings posts 45.2bn profit in 6 months

“While these points have had a negative impact on overall revenue generation, we are confident that FBN Holdings can navigate this challenging operating environment and continue to deliver sustainable innovative solutions that enrich the customer experience,” he said. he declares.

Dr Adesola Adeduntan, CEO of FirstBank and its subsidiaries, said: “The financial performance of the commercial banking group in the first half of the year was impressive with a 17.9% and 14.9% increase in PBT and PAT, respectively. .

“These results have been delivered despite the difficult macroeconomic conditions which have been further exacerbated by the negative impacts of the COVID-19 pandemic as well as the current low performance environment which continues to squeeze margins.

“The effects of these factors were reflected in the slight decline recorded in gross profits and net interest income.

“At the start of the second half, the bank will fully exploit the returns of the portfolio of strong and quality risk assets created in the first half, taking advantage of rising interest rates,” said Adeduntan.

He said the acceleration of growth in the second half of the year would be supported by the dominance of banking and increased opportunities in financial inclusion and digital banking businesses.

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