FBN Holdings Posts N19.806bn Profit
BY CHINYERE OBIORA, LAGOS – FBN Holdings Plc has recorded an impressive result for the third quarter financial year ended September 30, 2017 with its profit before tax hitting the N19.806 billion mark.
The amount represents a growth of N8.236 billion or 72.18 per cent as against the sum of N11.570 billion posted within the same period last year.
Also, the company’s financial result submitted at the Nigerian Stock Exchange (NSE), indicated that profit for the year rose to N16.066 billion, representing an increase of N9.403 billion or about 141.12 per cent compared to the sum of N6.663 billion reported in year 2016.
According to the firm’s nine months financial result, the interest income recorded a boost from N108.376 billion in the corresponding period of 2016 to N123.698 billion this year, just as interest expenses rose from N32.515 billion in the comparative period to N33.438 billion at the end of September this year.
However, fee and commission revenue dropped to N17.521 billion from N17.993 billion made in comparative period of 2016. Net Insurance Premium revenue declined from N3.337 billion to N2.544 billion while operating profit stood at N19.744 billion.
Further breakdown of the financial statement showed that its total assets went up to N4.863 trillion from N4.736 trillion reported in December last year while loans and advances to customers stood at N2.043 trillion from N2.083 trillion recorded the December 2016.
The company’s total liabilities surged to N4.232 trillion from N4.154 billion figure attained by the end of 2016 financial year with the customers’ deposit rising to the current sum of N3.104 trillion from the 2.938 trillion reported last December.
