Interest income came to N386.577 billion, 10.5 per cent
weaker than the N431.934 billion reported at FY2019, figures gleaned by source
from FBN Holdings unaudited financial statement for the period showed.
The earnings release on Friday made the group the first of
Nigeria’s five biggest banks by asset (others being United Bank for Africa,
Guaranty Trust Bank, Access Bank and Zenith Bank) to issue its financials for
FY2020.
Fee and commission income grew by 18.9 per cent to N122.966
billion from N103.381 billion.
Pre-tax profit inched up from N75.286 billion to N78.114
billion, translating to a 3.8% increase.
Profit for the year advanced 8.2 per cent to N79.708 billion
from N73.665 billion, thanks to the injection of N13.773, being proceeds from
FBN Holdings discontinued insurance operations, into the firm.
FBN Holdings, the parent company of Nigeria’s oldest lender
FirstBank of Nigeria Limited, last year completed the divestment of its 65 per
cent stake in FBN Insurance Limited to South Africa’s Sanlam Emerging Markets
Limited, which previously owned 35 per cent of the underwriter’s shares.
It injected N25 billion of the divestment sum into its
commercial banking subsidiary First Bank in August after restructuring its loan
portfolio.
Earnings per share (basic and diluted) for the period under
review rose 11.8 per cent from N1.95 to N2.18.
Shareholders’ fund enlarged from N661.125 billion to
N755.604 billion, signalling a 14.3 per cent jump.
Shares in FBN Holdings traded in Lagos on Monday for N7.50
per unit at 11:03 am, down by 1.32 per cent. -
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