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FBN Holdco assures market of below 20% NPL by 2019.

Proshare

 

Thursday, June 15, 2017 7.00pm/Proshare WebTV 

FBN Holdings Plc today assured market stakeholders that the current Non-Performing Loans (NPLs) status of the largest financial services company in Nigeria, will  witness a drastic reduction from the current level of 20-25% by the end of the 2017-2019 strategy period. 

The Group Managing Director  Mr U.K Eke stated this at the Facts Behind the Figures presentation at the Nigeria stock exchange in Lagos. 

Mr Eke said that the reduction will be felt from the second quarter of 2017, which will see the beginning of the resolution  of 5 major accounts of FBN Holdings. 

According to him “One of the 5 major accounts will be resolved by the second quarter of the year 2017, and this will impact the Non-Performing Loan status of the Holdco”. 

A major account mentioned in the engagement with stakeholders is the Atlantic Energy full disclosure, where the terms of settlement is awaiting a political resolution. 

He said effective governance measures will be deployed in the 2017-2019 strategy, to ensure seamless financial services, that will harness and boost the revenue base of the Holdings Plc. 

Speaking further on governance, the FBN Holdings boss asserted that the focus will be to deliver structural changes in the risk-taking culture and oversight. 

The GMD also shared the Digital Banking strategy for the 2017-2019 period that will focus on growing income, effective service delivery to customers and reducing the cost to service. 

Giving further information on the financials, Mr Eke said there were no fresh Non-Performing Loan case in the FBN Holdings Plc, signalling a pathway to sustainability after the current NPL issues are resolved. 

Reviewing the 2016 financials, Eke noted that despite the challenging year FBN Holdings showed resilience in its market performance, with a 15.7% year on year growth in gross earnings and 13.7% growth in total assets. 

In his opening remarks the CEO of the Nigeria stock exchange Mr. Oscar Onyema commended the management of the FBN Holdings Plc, for visiting the exchange to perform the Facts Behind the Figures thereby providing relevant information and promoting transparency.

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