FBN Holdings grosses N406.1bn in nine months

FBN Holdings grosses N406.1bn in nine months

FBN Holdings Plc, a leading holding company listed on the Nigerian Stock Exchange (NSE) has reported N406.101 billion gross earnings for the nine months ended September 30, 2016.

A review of the nine months performance of FBN Holdings shows mixed performance of the brand as gross earnings for the period grew by N24.314 billion or 6.42 per cent from N381.787 billion reported in the corresponding period of September 2015; driven by growth in fee & commission income as well as foreign exchange income.

Its net interest income grew by 5.2 per cent from N192.919 billion to N202.911 billion, while operating income rose by 20.7 per cent to N276.600 billion to N333.900 billion.

Profit before tax stood at N57.455 billion, representing a drop of 3.5 per cent from N59.563 billion recorded in the corresponding period of September 2015.The firm profit after tax decline by N7.700 billion or 15.3 per cent from N50.217 billion recorded in December 2015 to N42.517 billion in September 2016.

It closed the third quarter ended September 2016 with total assets of N5.066 trillion from N4.303 trillion, represented 17.7 per cent. While the total liabilities jacked up from N3.728 trillion to end third quarter 2016 at N4.441 trillion.

Deposits surged by N468 billion from N3.206 trillion in correspondent period of 2015 to end review period with N3.674 trillion. Loan to deposits ratio improve from 73.0 per cent to 77.9 per cent at the end of current quarter.

FBN Holdings retained 10.47 per cent of its earnings as profit at the end of third quarter 2016 lower to 13.15 per cent retained during the same period 2015.