FBN Holdings post N595.4b gross earnings, N47.8b full year profit

For the full year ended December 31, 2017, FBN Holdings Plc has achieved gross earnings of N595.4billion, and Profit After Tax (PAT) of N47.8billion.
   
Specifically, the bank’s audited result showed 2.3 per cent rise in gross earnings to N595.4billion, up from N581.8billion achieved in the corresponding period in 2016.

Similarly, the bank’s PAT stood at N47.8billion, representing 178.8 per cent increase when compared to N17.1billion posted in the previous year.

It is noteworthy to highlight that this progress has not been detrimental to our commitment to cost containment, illustrated by the 7.7 per cent y-o-y increase in opex, which is significantly below the headline inflation rate of 15.4 per cent
   
“This result was also made possible by the successful implementation of our digitisation initiatives, which have allowed us to serve our customers in a more efficient and effective way.

It is re-assuring that our dominance in the electronic platform has positioned the Group for a prosperous future, and our holding company model is yielding further synergies and increasing cross selling amongst all the operating companies in the Group.”
   
He continued: “However, we recognised that the need for accelerated resolution of our legacy assets to demonstrate sustainable improvement in asset quality, as the progress we made during the year was moderated by developments in Q4, which kept our performance below guidance.
   
“This was largely as a result of the impairment of 9mobile, which was across the industry, as well as the foreign currency translation impact on our existing portfolio.

These are one-off events and we assure that appreciable progress would be made on NPL in 2018 in line with our three years strategic plan.