FBN Holding posts N37.3 bn PAT in 9 months
FBN Holding Plc. has posted a Profit after tax surge of 3.2% N37.3 billion, from N36.2 billion posted in the comparable period of 2016.
Gross earnings grew by 5.2% to N439.2 billion from N417.3 billion recorded in the comparable period of 2016.
The growth the lender largely attributed to a 27.8% growth in interest income.
However, Profit before tax decreased by 3.5% to N55.4 billion from N57.5 billion recorded in the previous year.
Income tax expense was down to N9.6 billion within the period from N14.9 billion recorded in 2016.
Net-interest income improved by 25.3% to N254.3 billion from 2016 figure of N202.9 billion.
Commenting on the results Dr. Adesola Adeduntan, the MD/CEO of FirstBank and subsidiaries said:
“On the back of a stronger balance sheet and despite the challenging but improving economic environment, the commercial banking group delivered a 4.5% y-o-y growth in gross earnings – a testament to its resilient revenue generation capabilities.
“To further support future revenue generation and in line with our strategic imperatives to reposition the commercial banking business, we are expanding our digital banking initiatives and transforming our business model to increase customer acquisition and retention, providing a renewed customer experience. To improve profitability in a sustainable way, the Group is increasingly optimising its cost base, leveraging on technology. In addition, good progress is being made in strengthening the credit processes end to end and improving the quality of the loan book while resolving the legacy assets.”