FBNH Injects N25bn Into First Bank

Proshare

Friday, August 7, 2020 / 9:30 PM / NSE / Header Image Credit: The Abuja Times


Proshare Nigeria Pvt. Ltd.


FBN Holdings Plc ("FBNH" or "the Company"), has announced the injection of N25billion equity capital into its commercial banking subsidiary, First Bank of Nigeria Limited. The Capital injected represents part of the net proceeds of the company's divestment from FBN Insurance Limited. With this fresh capital, the Capital Adequacy Ratio (CAR) of Firstbank has increased to 16.53% (before capitalising year to date profit) as at June 2020.


In a statement released to the market, the Chief Financial Officer of the Company, Oyewale Ariyibi noted that "the divestment is in line with the Group's medium to long term strategic objectives. The divestment has unlocked significant value embedded in the former subsidiary which is being leveraged to strengthen the core banking business for which the Group is renowned". The overriding objective is to optimize capital across the Group to drive business growth, enhance efficiency and improve overall Shareholders' value.


Earlier in the day, while commenting on the Group's Half Year 2020 performance, UK Eke, the Group Managing Director stated that "The H1 2020 financial results are impressive and reconfirm our consistent focus on enhanced shareholder value. Despite the difficult operating environment, the results demonstrate our capacity to deliver exceptional services to our customers in these uncertain times. Looking ahead, we remain cautious, but confident that our business is fundamentally strong to surmount any future challenge towards delivering superior financial performance".


FBN Holdings is a leading diversified financial services group in Nigeria. FBNH is the parent company of First Bank of Nigeria Limited, FBNQuest Merchant Bank Limited, FBNQuest Capital Limited, FBNQuest Trustees Limited and FBN Insurance Brokers Limited.

 

Visit FBN Holdings Plc IR Page in Proshare MARKETS

Graph - One Year Share Price Movement

Proshare Nigeria Pvt. Ltd.

  

Table:  Q2 2020 Unaudited Results

Proshare Nigeria Pvt. Ltd.

 

Proshare Nigeria Pvt. Ltd.


Related News

1.            FBNH H1 2020 Unaudited Results - Asset Disposal Gain Bloats Quarterly Performanc...

2.           FBNH Announces the Resignation of Mrs. Oluwande Muoyo As An Independent Non-Exec...

3.           FBNH Declares N49.5bn PAT in Q2 2020 Results, (SP:N5.00k)

4.           FBNH Notifies of Board Meeting Date and Commencement of Closed Period

5.           FBNHoldings wins World Finance Best Corporate Governance in Nigeria Award...

6.           FBNH Declares N23bn PAT in Q1 2020 Results,(SP:N4.70k)

7.           FBN Holdings Divests from Its Insurance Subsidiary...

8.          FBNH Notifies of Board Meeting And Closed Period for Q1 2020 Accounts

9.   FBNH Declares N73.7bn PAT in 2019 Audited Results, Proposes N0.38K Final Dividend;(SP:N4.00k)

10.       FBNH Reacts to Online Publication On Merger Talks Involving First Bank

11.        FBNH Reacts to Online Publication On Merger Talks Involving First Bank


Proshare Nigeria Pvt. Ltd.


Proshare Nigeria Pvt. Ltd.

READ MORE:
Related News
SCROLL TO TOP