By citybusinessnews@yahoo.com –
For the nine months ended September 30, 2017, FBN Holdings has announced Profit after tax of N45.8 billion, up 7.8 per cent when compared with N42.5 billion recorded in 2016.
Gross earnings is N439.2 billion, up 5.2 per cent as against N417.4 billion in 2016 while Net-interest income is N254.3 billion, up 25.3% y-o-y (Sept 2016: N202.9 billion)
Also, operating expenses stood at N175.3 billion, up 8.4% y-o-y (Sept 2016: N161.8 billion while total assets stood at N4.9 trillion, up 2.7% year-to-date (y-t-d) (Dec 2016: N4.7 trillion)
However, Customer deposits is N3.0 trillion, down 5.3% y-t-d (Dec 2016: N3.1 trillion) while Customer loans and advances (net) is N2.0 trillion, down 1.9% y-t-d (Dec 2016: N2.1 trillion)
Commenting on the results, UK Eke, MFR, the Group Managing Director said: “FBNHoldings has again demonstrated its resilience in revenue generation with a 5.2% y-o-y growth in gross earnings to N439.2 billion following a y-o-y increase of 25.2% in net interest income to N254.3 billion. The Group is progressing in building the right structures for sustainable growth through an improved credit culture and risk management; increased technologically driven operational efficiencies; and the introduction of revenue enhancing platforms.
“The Insurance group sustained its strong performance and we expect to see further growth from the retail, corporate and annuity businesses. Similarly, we continue to see strong growth trajectory in the Merchant Banking and Asset Management group. These businesses complement our commercial banking business in our aspiration to becoming the leading financial services institution in Middle Africa.
“We remain confident that the initiatives being implemented across our subsidiaries will further strengthen our business and ultimately reposition the Group for sustainable growth”
Leadership changes across the Group:
FBNHoldings:
Seye Kosoko appointed as Company Secretary, FBN Holdings Plc, subject to regulatory approval, as Tijjani Borodo retires
Commercial Banking Group:
Tosin Adewuyi, appointed Executive Director, Business Development, FBNBank UK
Insurance Group:
Babatunde Mimiko appointed, Executive Director, FBNGeneral Insurance
Ekpe Ukpabio appointed, Executive Director, FBN Insurance Ltd
Folake Ani-Mumuney, Bode Opadokun and Seye Kosoko, all appointed Non-Executive Directors of FBN Insurance Brokers Ltd, subject to regulatory approval
FirstBank acquires the balance of 25% equity holdings in FBNBank DRC Ltd, making it a wholly owned subsidiary
FirstBank mobile platform achieves the fastest growing mobile banking penetration across Africa, becoming the highest card transacting bank on the Interswitch payment platform[1]
FirstBank card issuance reaches 10 million cards, making FirstBank the first in the Nigerian Banking industry and the second in Africa to achieve this milestone6
FBN Merchant Bank acquires FBN Capital Asset Management and FBN Securities from FBN Capital Limited
