FBN Holding’s customer deposits hit N3.3trn

FBN Holdings Plc has announced customer deposits of N3.3 trillion, 4.1 per cent higher than N3.1 trillion recorded at the end of December 2017 and N293.3 billion gross earnings in its unaudited results for the six months ended June 30, 2018.

Also, the company’s Profit Before Tax stood at N38.9 billion, up by 9.1 per cent of June 2017 and Profit After Tax of N33.5 billion, up 13.7 per cent of N29.5 billion recorded at the same period  last year.

According to the report, the company’s total assets also rose by 1.3 per cent to N5.3 trillion from N5.2 trillion recorded in 2017 while customer loans and advances stood at (net) of N1.9 trillion. 

While operating income down by 1.6 per cent to N210.9 billion, the company recorded impairment charge for credit losses of N52.8 billion, down 15.4 per cent of N62.4 billion recorded at the same period in 2017).

Commenting on the results, Dr. Adesola Adeduntan, MD/CEO of First Bank and its Subsidiaries 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% year on year 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,” he added.