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FBN Holdings Plc. (“FBNH” or “FBNHoldings” or the “Group”) today announces its audited results for the full year ended 31 December 2017.
Statement of Financial Position
Commenting on the results, UK Eke, the Group Managing Director
“As evident by the continually improving set of results, the initiatives we have put in place are producing encouraging results ahead of our projections. It is noteworthy to highlight that this progress has not been detrimental to our commitment to cost containment, illustrated by the 7.7% y-o-y increase in opex which is significantly below the headline inflation rate of 15.4%. This result was also made possible by the successful implementation of our digitisation initiatives, that have allowed us to serve our customers in a more efficient and effective way. It is re-assuring that our dominance in the electronic platform has positioned the Group for a prosperous future and our holding company model is yielding further synergies and increasing cross-selling amongst all the operating companies in the Group.
However, we recognise the need for accelerated resolution of our legacy assets to demonstrate sustainable improvement in asset quality as the progress we made during the year was moderated by developments in Q4 which kept our performance below guidance. This was largely as a result of the impairment of 9mobile, which was across the industry, as well as the foreign currency translation impact on our existing portfolio. These are one-off events and we assure that appreciable progress would be made on NPL in 2018 in line with our 3 years strategic plan.
In summary, we are delighted to say that we have made good progress towards achieving our 2019 strategic goals and are confident that 2018 will be another year full of successes for the Group.”
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