FBN Holdings Reports Half Year Gross Earnings Of N293.3bn

FBN Holdings Plc has announced its unaudited results for the six months ended 30 June 2018 with gross earnings of N293.3 billion.

The profit before tax of the bank is N38.9 billion, up 9.1% y-o-y (Jun 2017: N35.6 billion), while the profit after tax N33.5 billion, up 13.7% y-o-y (Jun 2017: N29.5 billion)

The bank has a total assets of N5.3 trillion, up 1.3% Year-to-Date (Y-t-D) (Dec 2017: N5.2 trillion) even as its customer deposits record N3.3 trillion, up 4.1% y-t-d (Dec 2017: N3.1 trillion) FirstBank commissions a strong initiative to implement enterprise-wide Customer Relationship Management solution to drive service excellence and improve customer experience

Dr. Adesola Adeduntan, the MD/CEO of FirstBank and its Subsidiaries, commenting on the results said: “The Commercial Banking Group reported a relatively strong set of results and I am pleased to report consistent improvement towards our strategic objectives.“This is reflected in a strong 28.5% y-o-y increase in non-interest income, 15.5% y-o-y reduction in the impairment charge and a marginal increase of 0.9% y-o-y in operating expenses, despite the high inflationary environment. It is clear that our efforts to enhance our revenue generating capabilities, strengthen the risk management and control environment as well as to optimise efficiencies within our business are paying off.”

“We remain focused on maximizing the potential of our business, innovating to expand access to new markets and increasing the contribution of our international subsidiaries, using technology as a key enabler. We expect further improvements in the coming periods, from growth in the quality and yields of the loan book to enhanced remediation efforts, service delivery excellence and the risk and control environment. I am confident in the capacity of our business to deliver the expected results.”