FBN Holdings posts N38bn net profit

FBN Holdings Plc has posted a Profit After Tax (PAT) of N38.1 billion for the first half of 2021, a leap by 6.9 percent from the N35.6bn posted in the same period in 2020, it said in its unaudited financial results for the half year (H1).

In a statement from the bank, posted a Profit Before Tax (PBT) of N45.2bn which is an increase of 9.2% over the N41.4bn recorded in the 2020 period.

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The Group Managing Director, Urum Kalu Eke said: “We remain committed to our strategic objective of driving further stability in performance, as well as delivering sustainable growth over the years to come.” For its Commercial Banking, it had a gross earning of N273.9bn, down 1.7% compared to N278.7bn recorded in June 2020.

First Bank’s Chief Executive Officer, Dr. Adesola Adeduntan said: “Going into the second half of 2021, the Bank will fully harness the returns from the strong and quality risk assets portfolio created in the first half of the year, taking advantage of the uptick in interest rates.”