FBN Holdings declares N390.0b gross earnings in Q3

FOR the third quarter ended September 30, 2015, FBN Holdings Plc has declared N390.0 billion Gross Earnings, up by 16.9 per cent when compared to N333.6 billion recorded within same period in 2014.
According to the unaudicted results, net interest income also increased by 9.3 per cent to N192.9 billion compared N172.5 billion in 2014.
Also within same period, non-interest income stood at N82.5 billion, up 13.4 per cent when compared to N72.8 billion in 2014.
However, Profit after tax of was N50.2 billion, down 9.7 per cent as against N55.6 billion recorded in 2014.
Commenting on the results, Bello Maccido, the Group Chief Executive Officer said:“This has been a challenging year so far, with economy slowing down and credit conditions remaining adverse thereby impacting the Group’s operating performance. We are managing the cost of risk by strengthening our risk management processes while leveraging our assets, adjusting pricing to higher default risks associated with a contracting economy; and nowhere has this process been more pronounced than in the oil and gas sector.
 “To ensure we build a more efficient group structure that will benefit the Group’s need to deploy systems which increase profitability and efficiency while expanding revenue generation, we are confident we have made the right choices in selecting the Managing Director and the Deputy Managing Director for our principal subsidiary, FirstBank, as we were particularly mindful to identify outstanding and top notch professionals with complementary and mutually reinforcing skill sets. The major leadership changes across the Group also points to the renewed focus in driving stronger performance towards delivering sustainable returns and restoring shareholder value”.