FBN Holdings posts N417.3B gross earnings in nine months

For the nine Months ended September 30, 2016, FBN Holdings Plc recorded N417.3 Billion gross earnings, up by 7.0 per cent when compared to N390.0 Billion attained within same period in 2015.
    Also within the period, net-interest income stood at N202.9 billion, up 5.2 per cent when compared with N192.9 billion recorded in 2015.
 According to the group, operating income increased by 20.7 per cent to N333.9 Billion while operating expenses is N161 Billion, down by 5.1 per cent when compared to N170.4 Billion recorded same period in 2015.
  Meanwhile, Profit After Tax stood at N42.5 Billion, down by 15.3 per cent when compared to N50.2 per cent figure of 2015.
   Total assets is N5.1 trillion, up 21.6 per cent in constrast to N4.2 trillion posted as at December 31, 2015 while Customer deposit is N3.3 trillion, up 10.9 per cent when compared with N2.97 trillion as at December 2015.
  Commenting on the results, UK Eke, the Group Managing Director said:
 “FBNHoldings’ performance has again demonstrated its underlying resilience despite the ongoing macroeconomic and business challenges with gross earnings and profit before tax closing at N417.3 billion and N57.5 billion respectively. This has been achieved through sustained revenue generation as well as increased cost efficiencies. Although the current currency weakness is a challenge for our remedial process, we are steadfastly progressing on improving the overall risk management culture, governance and technology as well as the degree of compliance across the Group”.
 “The Group remains committed to ensuring sustained improvement in our performance with a view to restoring shareholder value”