First Bank of Nigeria, FBN Holdings Plc has recorded gross earnings of N212.0 billion for the first half year ended June 30, 2014, representing a growth of 7.9 per cent year-on-year from N196.4 billion recorded in the corresponding period of 2013.
In the result released on the Nigerian Stock Exchange, NSE weekend, the company also recorded an interest income of N115.2 billion, up 2.2 per cent year-on-year from N112.7 billion posted in June 30, 2013. Non-interest income stood of N43.2 billion, flat 0.3 per cent year-on-year as against N43.3 billion recorded in June 2013.
Other performance indicators for the period under review show that operating income stood at N157.8 billion, up 1.5 per cent year-on-year from N155.5 billion in 2013.
Impairment charge for credit losses stood at N6.7 billion down 32.9 per cent year-on-year from N9.9 billion recorded in 2013.
Operating expenses of the company for the period under review stood at N102.9 billion, up 14.3 per cent year-on-year as against N90.0 billion in 2013. The Profit before tax of the company for the first half stood at N48.3 billion, down 12. 0 per cent year-on-year, from N54.8 billion in 2013.
On the balance sheet side, FBN posted total assets of N4.0 trillion, up 3.4 per cent year-to-date from N3.9 trillion recorded in December 2013.Customer deposits stood at N2.8 trillion, down 5.9 per cent year to-date from N2.9 trillion in December 2013.
Customer loans and advances (net) stood at N1.8 trillion, up 4.0 per cent year-to-date from N1.7 trillion recorded in December 2013. FBN Holding posted 36.6 per cent liquidity ratio against N47.5 per cent recorded in 2013, while the Non performing Loan, NPL was three per cent against 3.8 per cent in 2013.
Bello Maccido, Chief Executive officer of FBN Holdings said that “FBN Holdings has delivered a resilient performance in view of the tough operating environment and regulatory headwinds. Gross earnings closed at N212 billion, 7.9 per cent higher than the previous year with profit before tax at N48.3 billion.
“We continue to implement measures to ensure improved performance with a review of the current business model of our Commercial Banking business group and the Investment Banking and Asset Management business in the coming period.
“This is geared towards harnessing our competitive advantage, delivering excellent service and consolidating our position as a well-diversified and leading financial services Group.”
Maccido further said that the group remain confident in the future, building further traction from its non-banking subsidiaries, notably the Investment Banking and Asset Management as well as the Insurance business group.
“FBN Holdings is on course to deliver improved performance over 2013 year end PBT of N91.3 billion and we are focused on ensuring our sustained leadership position in the industry,” he said.
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