FBN Holdings records 7.8% rise in revenue

FBN Holdings Plc has announced 7.8 per cent rise in gross earnings for the six months ended June 30, 2017.

Specifically, the bank posted gross earnings of N288.8 billion, over N267.9 billion achieved in the corresponding period of 2016.

However, the bank’s profit after tax went down to N29.5billion, from N35.9billion recorded in 2016.

Total asset rose from N4.7 trillion to N4.9 trillion while Net interest income increased by 30.2 per cent, from N126.1 billion to N164.1 billion.

Commenting on the results, the Group Managing Director of the bank, UK Eke, said: “FBN Holdings has again demonstrated its strong revenue generating capacity in the current economic environment reporting gross earnings of N288.8 billion – up 7.8% y-o-y.

“In line with our strategic focus on improving asset quality; cost optimisation; and, enhancing revenue generation, we are beginning to see improvement across a number of metrics associated with these initiatives.

“Our focus on enhancing the quality of our loan book is reflected in a decline in non-performing loans, a reduction in our impairment charge following improvement in the asset quality outlook, and we will continue to prioritise this area through the rest of this year.

“Similarly, consistent improvement in the efficiency ratio is testament to the efficacy of our cost optimisation initiatives, though these results have been partly offset by the currency devaluation and high inflationary environment.

“Overall, we have seen strong growth trajectory in our Merchant Banking and Asset Management and the Insurance Group. These businesses complement our commercial banking franchise and represent new frontiers for our Group.

“This is firmly supporting our aspiration of becoming a leading financial services institution in Middle Africa. We remain committed to maximising returns to our shareholders as well as creating sustainable value.”