FBN Holdings Plc on Tuesday declared a profit before tax of N23.84 billion for the second quarter ended June 2016.
This was against the N25.14 billion posted in the comparative period of 2015.
The report is contained in the company’s audited result released by the Nigerian Stock Exchange (NSE) on Tuesday in Lagos.
The profit represented a decrease of N1.31 billion or 5.19 per cent when compared with figure for 2015.
The report also showed that profit for the year went down from N17.46 billion to N15.13 billion, representing a drop of N2.33 billion.
The company’s net interest income stood at N62.18 billion against N126.06 billion in the corresponding period of 2015, showing a decline of N63.88 billion or 50.68 per cent.
Its interest income decreased to N85.75 billion from N110.490 billion recorded in the preceding period.
The total assets rose from N4.17 trillion recorded in December to N4.80 billion in June, 2016 while total Liabilities grew from N3.59 trillion to N4.19 trillion.
Its loans and advances to customers surged to N2.11 billion from N1.82 billion reported in the corresponding period.
Commenting on the results, UK Eke, the Group Managing Director said FBNHoldings’ performance has remained resilient in the challenging macroeconomic and business environment, further exacerbated by the devaluation of the Naira and by the persistent rise in inflation.
“The Group returned gross earnings of N267.9 billion and profit before tax of N45.9 billion; a reflection of the strength of our underlying business, improving cost control as well as optimisation of revenue generating opportunities. Focus remains on organic earnings generation, divestment of non-core assets, in addition to balance sheet efficiency to further enhance capital.
“We remain focused on leveraging the strength of our diversified business model by exploiting synergy opportunities and cross-selling across our commercial banking, merchant banking & asset management as well as our insurance businesses towards creating sustainable value for our stakeholders.”
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