Monday, October 21, 2019 / 06:45 PM / By NSE/ Header Image Credit: National Wire
Today, FBN Holdings Plc released its Q3 2019 results for the period ended September 30, 2019.
Interest Income decreased by 2.99% to N327.47bn from N337.56bn in Q3 2018
Profit before Tax increased by 16.92% to N60.03bn from N51.34bn in Q3 2018
Profit after Tax increased by 28.16% to N51.75bn from N44.89bn in Q3 2018
Total Equity increased by 14.0% to N604.93bn from N530.65bn in Q3 2018
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FBN Holdings Plc. (F"BNH" or "FBNHoldings" or the "Group") today announces its unaudited results for the nine months ended 30 September 2019.
Press Release From The bank
Statement of Financial Position
Commenting on the results, UK Eke, the Group Managing Director said:
"Our performance in the third quarter reflects the growth trajectory over the first nine months of the year, with significant strides made in transforming the Groupâ€™s asset quality and diversifying our revenue streams across the board.
During the third quarter, our NPL declined further to 12.6% as we approach the end of the curve in the resolution of our legacy portfolio and are confident of further reducing this to under 10% by the end of the current financial year. Critically, we have continued to focus on enhancing our risk framework processes enabling an improvement in the quality of our loan book. Concurrently, we have also continued our drive towards ensuing long-term operational efficiency, resulting in a one-off cost increase pushing our CIR for the first nine months. In terms of our revenue generation, we have delivered further increases in our non-interest income, on the back of growth in electronic banking fees as well as improvements in transaction-led income.
Overall, we are pleased with the progress we are making on numerous fronts and remain committed to not only enhancing shareholder value but also adhering to the long-standing principles of this great financial institution."