FBN Holdings Plc has recorded a profit of N56.5 billion for the half year ended June 30, 2022.
The profit announced in its unaudited results filed with the NGX, indicated an increase of 48% from N38.1 billion posted in the comparative period of 2021.
It also recorded a profit before tax of N65.7 billion from N45.2 billion achieved in the corresponding period of 2021, an increase of 45.3%.
A gross earnings of N359.2 billion was also reported, representing 22.4% when compared with N293.4 billion recorded in the preceding period of 2021.
Commenting on the result, the Group Managing Director, Mr Nnamdi Okonkwo, said that the company demonstrated resilient performance despite the challenging operating environment.
“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 H1 2022.
“Similarly, risk management capability remains robust across the Group supporting the drive for enhanced earnings for sustainable capital accretion,” he said.
He said that the company would continue to deliver sustainable value to its stakeholders.
“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.
The Chief Executive Officer of First Bank of Nigeria Ltd., Dr Adesola Adeduntan, said that the commercial banking group remained focus on executing key initiatives to position the Group for improved profitability in FY2022, amidst a challenging operating and dynamic regulatory environment in H1 2022.
Adeduntan expressed the confidence that the current momentum of generating impressive returns from the quality risk assets portfolio already created would be sustained.
