FBN Holdings Plc recorded an appreciable 48 percent growth in its net profit to N56.5 billion within the first six-month period of the year ended June 30, 2022.
Key extracts of the interim report and accounts of FBN Holdings for the first half released at the weekend showed that gross earnings rose by 22.4 per cent to N359.2 billion in first half 2022 as against N293.4 billion recorded in the comparable period of 2021. Profit before tax grew by 45.3 per cent to N65.7 billion in 2022 as against N45.2 billion in 2021. After taxes, net profit stood at N56.5 billion in first half 2022 against N38.1 billion in first half 2021, representing an increase of 48 per cent.
Group Managing Director, FBN Holdings, Mr Nnamdi Okonkwo, said the company’s performance demonstrated resilient performance despite the challenging operating environment.
He noted that the company has continued to see good progress across its performance metrics, which remain in line with its focus on driving sustainable growth.
“The group remains committed in its transformation drive, which has resulted in stronger balance sheet and better asset quality with non-performing loans closing at 5.4 per cent at first half 2022.
“Similarly, risk management capability remains robust across the group supporting the drive for enhanced earnings for sustainable capital accretion.
“Our strategic intent remains unchanged in optimising opportunities that drive growth in revenue, profitability, capital accretion and overall operational efficiency that delivers sustainable value to our stakeholders,” Okonkwo said.
Chief Executive Officer, First Bank of Nigeria, Dr Adesola Adeduntan, said the group’s flagship commercial banking business remained focus on executing key initiatives to position it for improved profitability in 2022.
“Our half-year results further reinforced our drive toward our ‘Quantum Profitability Leap’ agenda. Our gross earnings are up 22.6 per cent year-on-year to N338.5 billion and net interest income up 49.3 per cent year-on-year to N152.9 billion, respectively.
“On the back of the impressive growth recorded in our top line, our profit before tax recorded a strong growth of 40 per cent year-on-year to N60 billion.”
“Profit after tax also grew by 42.3 per cent year-on-year to N53.3 billion as the bank continues to reap the dividends of the successful restructuring of its balance sheet and revamping of our risk management architecture.
“We continue to record progress in driving down our non-performing loan ratio which now stands at 5.4 per cent at the end of first half and we are on target to bring it within regulatory limit of five per cent by end of 2022,’’ Adeduntan said.
He said th momentum of generating impressive returns from the quality risk assets portfolio already created would be sustained.
He assured that the group would continue to strengthen its dominant digital banking capabilities in providing best-in-class services to all segments of its customers across all its footprints in sub-Sahara Africa and beyond.