FBNH Declares N13.5bn PAT in Q2 2018 Results,(SP:N10.00k)

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Friday, July 27, 2017 /10:45PM /NSE

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FBN Holdings Plc. (“FBNH” or “FBNHoldings” or the “Group”) today announces its unaudited results for the six months ended 30 June 2018.

Income Statement                                                         

  • Gross earnings of N293.3 billion, up 1.6% year-on-year (y-o-y) (Jun 2017: N288.8 billion)
  • Net-interest income of N149.6 billion, down 8.8% y-o-y (Jun 2017: N164.1 billion)
  • Non-interest income of N61.3 billion, up 21.4% y-o-y (Jun 2017: N50.5 billion)
  • Operating income of N210.9 billion, down 1.6% y-o-y (Jun 2017: N214.4 billion)
  • Impairment charge for credit losses of N52.8 billion, down 15.4% y-o-y (Jun 2017: N62.4 billion)
  • Operating expenses of N119.3 billion, up 2.3% y-o-y (Jun 2017: N116.6 billion)
  • Profit before tax of N38.9 billion, up 9.1% y-o-y (Jun 2017: N35.6 billion)
  • Profit after tax N33.5 billion, up 13.7% y-o-y (Jun 2017: N29.5 billion)

Statement of Financial Position

  • Total assets of N5.3 trillion, up 1.3% year-to-date (y-t-d) (Dec 2017: N5.2 trillion)
  • Customer deposits of N3.3 trillion, up 4.1% y-t-d (Dec 2017: N3.1 trillion)
  • Customer loans and advances (net) of N1.9 trillion, down 7.1% y-t-d (Dec 2017: N2.0 trillion)

Key Ratios

  • Post-tax return on average equity of 10.0% (Jun 2017: 9.9%)        
  • Post-tax return on average assets of 1.3% (Jun 2017: 1.2%)
  • Net-interest margin of 7.1% (Jun 2017: 8.5%)
  • Cost to income ratio of 56.5% (Jun 2017: 54.4%)
  • NPL ratio of 20.8% (Jun 2017: 22.0%)
  • 55.0% liquidity ratio (FirstBank (Nigeria)) (Jun 2017: 50.4%; Dec 2017: 51.1%)
  • 18.1% Basel 2 capital adequacy ratio (FirstBank (Nigeria)) (Jun 2017: 17.6%, Dec 2017: 17.7%)
  • 12.6% Basel 2 CAR (FBNQuest Merchant Bank) (Jun 2017: 26.7%, Dec 2017: 15.7%)

 

Commenting on the results, UK Eke, the Group Managing Director said:

“FBNHoldings continues to make steady progress towards delivering on its strategic targets. This has been demonstrated with a 13.7% y-o-y increase in profit after tax, 21.4% y-o-y growth in non-interest and 15.4% y-o-y decline in impairment charge. Clearly, the Group is on its way to delivering its promises on asset quality, enhancing revenue generating capacity through non-interest income and driving further efficiencies.”  

As we ramp up initiatives to grow interest income, we remain focused on the implementation of key initiatives across our subsidiaries and further strengthen our businesses towards delivering sustainable performance as well as optimising returns to our shareholders.”

 

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