FBN Holding grosses N212bn earnings in six months

From Ngozi Onyeakusi, Lagos

FBN Holdings Plc yesterday announced a Gross earnings of N212.0 billion for its unaudited results for the six months ended 30 June 2014.

This represents a 7.9% increase over June 2013 figure of N196.4 billion. The firms Net interest income as well had a 2.2% surge from N112.7 billion recorded in the comparable period of 2013 to N115.2 billion in the period under review while Non-interest income also saw a 0.3 per cent decline from N43.3 billion in June 2013 to N43.2 billion, in 2014.

 Operating income stood at N157.8 billion, showing 1.5% increase when compared with N155.5 billion recorded in 2013 while Operating expenses recorded a 14.3% growth from N90.0 billion in 2013 to N102.9 billion in the period under review.

Profit after tax declined by 19.4% to N37.2 billion from N46.1 billion while Profit before tax as well went down by 12.0% to N48.3 billion, from N54.8 billion recorded in the previous year.

Commenting on the results, Bello Maccido, Chief Executive officer of FBN Holdings 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% 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.”