FBN Holdings records N89bn profit

FBN Holdings Plc. has announced N89.7 billion profit for the 2020 financial year which rose by 21.8 percent from the N73.7bn declared for 2019.

According to details of its audited results for the financial year contained in a statement, the profit before tax of the group rose by 11.2% from N75.3bn in 2019 to N83.7bn while its non-interest income grew by 26.7% to N174.7bn.

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The group also appointed Mr Seni Adetu and Mrs Juliet Anammah as Independent Non-Executive directors; and Mr Otu Hughes as a Non-Executive director to the FBNHoldings Board.

All the appointments are subject to regulatory approval and shareholders’ approval, it noted.

Highlighting the milestones last year, the group said First Bank of Nigeria issued a $350 million five year senior unsecured Eurobond; completed the sale of 65% FBN Holdings Plc ownership in FBN Insurance Limited to Sanlam Emerging Markets Limited; grew its FirstMonie Agent banking network to over 86,000, among others.

Commenting, the Group Managing Director, U.K Eke, said “FBNHoldings is pleased to close the year in a healthy financial position despite the difficult operating environment that has been characterized by unprecedented events as a result of the pandemic and challenging economic environment.”

In terms of commercial banking, First Bank, a member of the group earned N539bn with a profit

after tax of N67.8bn rising by 8% from N62.7bn in 2091.

Commenting on the results, Chief Executive Officer of FirstBank Group, Dr. Adesola Adeduntan said: “The Commercial Banking Group posted another strong performance in 2020 with a profit before tax growth of 4% and total asset growth of 25.5% despite the unprecedented macro-economic challenges and disruptions caused by the COVID-19 pandemic.”