FBN Holdings records N294.2bn gross earnings in Q2

FBN Holdings records N294.2bn gross earnings in Q2

FBN Holdings records N294.2bn gross earnings in Q2

FBN Holdings Plc’s gross earnings rose by 0.3 per cent to N294.2bn year-on-year at the end of June 2019, from N293.3bn in the corresponding period of 2018.

In a statement, it disclosed this in is audited financial account for the first half of the year.

Its net-interest income was down by two per cent to N146.7bn in the period under review from N149.6bn in June 2018.

Non-interest income rose by 3.6 per cent to N63.6bn, from N61.3bn; while operating income was down by 0.3 per cent to N210.3bn, from N210.9bn in first half of 2018.

It stated that impairment charge for credit losses fell by 58.1 per cent to N22.1bn, from N52.8bn; while operating expenses rose by 24.3 per cent to N148.3bn, from N119.3bn in June 2018.

In the period under review, its profit before tax rose by 2.6 per cent to N39.9bn, from N38.9bn; while profit after tax fell by 5.4 per cent to N31.7bn, from N33.5bn the corresponding period of 2018.

Commenting on the results, the Group Managing Director, UK Eke, said, “Despite the difficult operating environment, we remain resolute in delivering on our guidance across key metrics including our commitment towards a single digit NPL ratio by the end of year, as evidenced by the reduction in Non Performing Loans from the last quarter.

“Essentially, Atlantic Energy – our largest NPL, was written off, translating into a decline in the NPL ratio from 25.9 per cent in December 2018 to 14.5 per cent as at June 2019, a step that brings us closer to our FY 2019 target and creates more headroom for quality asset growth.

“This is paving the way for sustained improvement in asset quality and a further reduction in impairment charges that will allow us to take advantage of enhanced earnings opportunities when they arise. Furthermore, we have remained focused on deepening our transaction-led income and are uniquely positioning for stronger revenue growth and value creation.”

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