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Tuesday, July 30, 2019

FBN Holdings Plc records N294.2bn earnings @ H1’19 - ITREALMS

Parent company of First Bank of Nigeria Limited, the FBN Holdings Plc, has recorded gross earnings of N294.2 billion for the six months ending June 30, 2019; first half year (H1’19), reports ITREALMS.

This represents 0.3 percent growth when compared with the N293.3 billion recorded as gross earnings in the corresponding period of 2018 (H1’18). 

The company disclosed this on Monday, saying its financial results for the six months period ending June 2019, showed that the company recorded profit before tax of N39.9 billion in H1’19, up by 2.6 percent from N38.9 billion in H1’18. 

A press statement from the company made available to ITREALMS indicated that FBN Holidings recorded "Profit after tax however dropped by 5.4 percent to N31.7 billion in H1’19 from N33.5 billion in H1’18."

The Group Managing Director, FBNHoldings, Elder Urum Kalu Eke, was quoted as saying that despite the difficult operating environment, they remained resolute in delivering guidance across key metrics, including commitment towards a single digit Non Performing Loans (NPL) ratio by the end of year, as evidenced by the reduction in NPLs from the last quarter.

“Essentially, Atlantic Energy, our largest NPL, was written off, translating into a decline in the NPL ratio from 25.9 percent in December 2018 to 14.5 percent as at June 2019, a step that brings us closer to our full year 2019 target and create more headroom for quality asset growth," Eke said.

Ayo Midele/Editor

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