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FBN Holding Plc outlines robust 2017-2019 strategy at its 5th AGM

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Friday, May 19, 2017 8.00pm/Proshare WebTV

Nigeria’s largest financial institution FBN Holdings Plc at its 5th Annual General Meeting in Lagos, outlined a robust financial services strategy that will cover the period 2017-2019.

According to the Managing Director/Chief Executive Officer of First Bank of Nigeria & Subsidiaries, Dr Adesola Adeduntan the strategy will give top priority to digital banking, that will witness a migration from credit-to-transaction-led financial services.

Speaking further Dr Adeduntan said the banking group had an ambitious target of 30ml customers from its current over 12.4ml customer base. He also stressed in the strategy, the financial institution will carry out an overhaul of its manpower, strengthening the oversight of the credit process of its operations.

Adeduntan assured shareholders that the bank remains a leader in financial services, citing the recent Nigeria Inter-Bank Settlement Systems report that in the last 3 months, First Bank  has not experienced any downtime in its service delivery.

The bank also in the last 7 months processed more than 100ml transactions and is currently operating with a systems availability of 98-99%.

Group Managing Director of the FBN Holdings Plc Mr U.K Eke MFR speaking on the decision to pay 20k as dividend to shareholders for the 2016 FY, described it as a prudent step, that will enable the bank retain about N50bl capital.

Mr Eke said “We have gone through the point of inflection, and we are ready to yield and bring results to shareholders”. The GMD assured shareholders of a better dividend package in 2017.

Shareholder group leaders like Sir Sunny Nwosu, Mr Patrick Ajudua and Mr Boniface Okezie commended the banking group for paying 20k dividend amidst a challenging 2016 financial year.

They expressed confidence in the capacity of the management to drive the 2017-2019 strategy themed “Rebuilding the Group for Enhanced Shareholder Value”.

Group Chairman of FBN Holdings Plc Dr. Oba Otudeko CFR in his statement on the strategy cycle , said “We aim to achieve our goals within an acceptable risk level and through an efficient organisation.”

Independent auditors PricewaterhouseCoopers and the Audit Committee of FBN Holdings Plc in their separate financial statements, affirmed that the company’s statement of financial position and comprehensive income were in agreement, with the books of account.

Highlights of the FBN Holdings Plc 2016 financial year performance revealed the following; a 15.7% year-on-year increase in its gross earnings which stood at N582bl, 14.3% cost-to-income ratio reduction from 61.3 to 47.0%, net interest margin increase to 8.8% from previous years, total Capital Adequacy Ration(CAR) increase to 16.1%, earnings per share growth by 20.4% from N0.44 to N0.53.

Others are 68.9% increase in non-interest income from N97.9bl to N165.5bl in 2016, 4.5% increase in customer deposits from 2.9bl to N3.1bl, increase in Return on Average Equity from 2.8 to 3% in 2016 and 14.8% Net interest income increase from N265bl to N304bl.

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