FBNH Declares N14.8bn PAT in Q1 2018 Results,(SP:N12.45k)

Friday, April 27, 2018 /7:00 PM /NSE

Proshare Nigeria Pvt. Ltd.

FBN Holdings Plc. (“FBNH” or “FBNHoldings” or the “Group”) today announces its unaudited results for the three months ended 31 March 2018.

Income Statement                                                         

  • Gross earnings of N138.9 billion, down 1.6% year-on-year (y-o-y) (Mar 2017: N141.0 billion)
  • Net-interest income of N75.7 billion, down 5.7% y-o-y (Mar 2017: N80.3 billion)
  • Non-interest income of N24.8 billion, up 2.5% y-o-y (Mar 2017: N24.2 billion)
  • Operating income of N100.5 billion, down 3.8% y-o-y (Mar 2017: N104.5 billion)
  • Impairment charge for credit losses of N25.3 billion, down 12.1% y-o-y (Mar 2017: N28.8 billion)
  • Operating expenses of N56.4 billion, up 1.2% y-o-y (Mar 2017: N55.7 billion)
  • Profit before tax of N18.8 billion, down 5.7% y-o-y (Mar 2017: N20.0 billion)
  • Profit after tax N14.8 billion, down 8.6% y-o-y (Mar 2017: N16.1 billion)

Statement of Financial Position

  • Total assets of N5.4 trillion, up 2.3% year-to-date (y-t-d) (Dec 2017: N5.2 trillion)
  • Customer deposits of N3.2 trillion, up 3.3% y-t-d (Dec 2017: N3.1 trillion)
  • Customer loans and advances (net) of N1.9 trillion, down 4.7% y-t-d (Dec 2017: N2.0 trillion)

Key Ratio

  • Post-tax return on average equity of 8.8% (Mar 2017: 10.9%)      
  • Post-tax return on average assets of 1.1% (Mar 2017: 1.3%)
  • Net-interest margin of 7.2% (Mar 2017: 8.2%)
  • Cost to income ratio of 56.1% (Mar 2017: 53.3%)
  • NPL ratio of 21.5% (Mar 2017: 26.0%)
  • 54.8% liquidity ratio (FirstBank (Nigeria)) (Dec 2017: 51.1%)
  • 18.0% Basel 2 capital adequacy ratio (FirstBank (Nigeria)) (Dec 2017: 17.7%)
  • 15.1% Basel 2 CAR (FBNQuest Merchant Bank) (Dec 2017: 15.7%)

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

“These numbers further reinforce the success of our ongoing initiatives to address the NPL issues, drive sustainable growth and rein-in cost. We are pleased to report a decent decline in impairment charge (down 12.1% y-o-y), reflecting the improvement in our asset quality. In addition, non-interest income continued to increase as we intensify our efforts in diversifying away from traditional banking activities and improving contributions of the non-commercial banking businesses. Our cost containment efforts are yielding results as evidenced by nominal growth of 1.2% y-o-y in opex in a high inflationary environment.”

Going forward, we will continue to focus on the pillars of our strategy: enhancing our revenue generating capabilities, strengthening risk management and optimising the balance sheet for more efficiencies. We have started the year on a slow but positive note and we intend to continue improving and ultimately achieve our targets by the end of the year”

Proshare Nigeria Pvt. Ltd.

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