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Saturday, November 26, 2022

FBN Holdings grows profit to N91.2bn in Q3

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FBN Holdings (FBNH) Plc has declared a profit after tax (PAT) of N91.2 billion for the third quarter ended Sept. 30.

The company stated this in its third quarter result released on Thursday in Lagos.

The profit represented a growth of 123.6 per cent when compared with N40.8 billion achieved in the comparative period of 2021.

Also, the company’s profit before tax during the period under review stood at N105.5 billion in contrast with N52.9 billion in the preceding period, an increase of 99.3 per cent.

Its gross earnings rose by 26.6 per cent to N547.2 billion from N432.6 billion in 2021, while interest income  grew by 42.4 per cent to N370.4 billion against N260.1 billion in 2021.

Similarly, net-interest income appreciated by 53.1 per cent to N249.5 billion, higher than N163.0 billion in 2021.

Operating income stood at N406.6 billion from N317.6 billion, while operating expenses increased by 15.2 per cent to N264.3 billion as against N229.5 billion in the corresponding period in 2021.

The Group Managing Director of FBNH, Mr Nnamdi Okonkwo, said the company had delivered enhanced performance in spite of the challenges in the economy.

“FBN Holdings has again in Q3, 2022 delivered a stellar performance, growing sustainable income from our core businesses.

“This is a testament to the success of our focus on carefully growing the business and driving profitability,” Okonkwo said.

He said the company’s gross earnings grew by 26.6 per cent year-on-year to N546.2 billion, while profit before tax doubled year-on-year to N105.5 billion.

“I am particularly delighted by the significant improvement in our credit risk portfolio.

“Specifically, the NPL ratio closed at 4.7 per cent within the regulatory threshold of five per cent, while the coverage ratio increased to 75.1 per cent from 62.2 per cent in full year 2021,” Okonkwo said.

He added that the company would remain committed to value creation to all its stakeholders.

“Value creation remains our overarching objective as we continue to leverage the strengths of our unique brand and heritage to optimise our diverse business portfolio.

“We are confident of making further progress, with the capacity to generate sustainable performance that delivers superior returns to all our stakeholders,” Okonkwo said.

Speaking on the performance, the Chief Executive Officer of First Bank of Nigeria Ltd., (Commercial Banking Group), Dr Adesola Adeduntan, said the commercial banking group performed very well during the review period.

“The performance of the commercial banking group during the period has again shown that the Group is making progress in the pursuit of its ‘Quantum Profitability Leap’ agenda.

“The improved profitability during the period under review further reinforces the Bank’s commitment to its growth aspirations despite the challenging market conditions,” Adeduntan said.

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