Wednesday, February 24, 2016 10:51 AM /NSE
Following the preliminary review of the FBN Holdings Plc management account for the year ended 31 December 2015, it is expected that earnings will be materially below that of the prior year. The reduction in earning is as a result of the recognition of impairment charges on some specific accounts resulting from a reassessment of the loan portfolio within our commercial banking business.
This reassessment was driven by the challenging macro environment, coupled with fiscal and monetary headwinds which have resulted in marked reduction in domestic output.
This is a prudent measure being taken while the Bank has commenced active remedial action on the specific impaired accounts. Our Merchant Banking and Asset Management as well as insurance business remain strong and resilient.
Further details of the Group’s financial performance will be disclosed when the full year audited financial results are announced and during the subsequent results conference call.
We reiterate our 2016 focus on restoring shareholder value by driving improvements in underlying asset quality, cost efficiency, enhancing revenue generation and extracting synergies across the Group, as well as growth through innovation.