Business
FBN Holdings declares N73.67bn profit
Adebayo Obajemu
In its audited result for the financial year ended 31st December, 2019 FBN Holdings Plc on Monday declared profit after tax of N73.67 billion.
The result, rolled out by the Nigerian Stock Exchange (NSE), showed that the profit rose by 26.5 per cent when compared with N58.23 billion achieved in the comparative period of 2018.
Profit before tax stood at ₦83.59 billion, up by 30.9 per cent in contrast with ₦63.85 billion recorded in 2018.
Its gross earnings rose by 6.7 per cent to N627.01 billion from N587.41 billion in the corresponding period of 2018.
Net-interest income stood at ₦290.2 billion, up by 1.7 per cent in contrast with ₦285.3 billion in 2018.
Customer deposits increased by 15.3 per cent to ₦4.0 trillion compared with ₦3.5 trillion in 2018.
The company’s non-interest income appreciated by 20.6 per cent to ₦159.2 billion against ₦132.0 billion in 2018.
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Further analysis of the result indicated that impairment charges was down by 41.5 per cent to ₦51.1 billion against ₦87.5 billion in the previous period.
Its total assets stood at ₦6.2 trillion, representing an increase of 11.4 per cent on the ₦5.6 trillion recorded in 2018.
Non-Performing Loan (NPL) ratio returned to single digit at 9.9 per cent against 24.7 per cent achieved in 2018.
The company, as a result of the impressive records, recommended a dividend of 38k to its shareholders which will be approved at the Annual General Meeting (AGM) slated for April 27.
