FBN Holdings has released its H1, 2017 Earnings and in line with analysts expectations, the company posted a growth in Earnings of 7.8% over its 2016 performance.
The company made N288.8 billion according to its unaudited financial statements which was emailed to publishers yesterday.
Other highlights of the company’s performance include a 30.2% increase in net-interest income which arrived at N164.1 billion.
Non-interest income was down to N50.5 billion, a 46.3% decline from last half year’s performance.
The company also recorded a significant impairment charge for credit losses of N62.4 billion.
Profit after Tax was also down 17.8% YOY to arrive at approximately N30 billion.
Commenting on the results, UK Eke, MFR, the Group Managing Director said:
“FBNHoldings 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 & Asset management and the Insurance Group. These businesses complement our Commercial Banking franchise and represent new frontiers for our Group, 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.”
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