FBNH Records 28% Growth in Gross Earnings as PBT Also Grows by 7.9% in H1'15

Proshare

Wednesday, July 22, 2015 2:45PM / FBN Holdings Plc / Press Release   

 
FBN Holdings Plc. (“FBNH” “FBN Holdings” or the “Group”) today announces its unaudited results for the six months ended 30 June 2015.

  • Gross earnings of N271.3 billion, up 28.0% year-on-year (Jun 2014: N212.0 billion)
  • Net interest income of N132.7 billion, up 15.2% year-on-year (Jun 2014: N115.2 billion)
  • Non-interest income of N61.2 billion, up 41.7% year-on-year (Jun 2014: N43.2 billion)
  • Operating income of N193.9 billion, up 22.8% year-on-year (Jun 2014: N157.8 billion)
  • Impairment charge for credit losses of N22.6 billion, up 239.1% year-on-year (Jun 2014: N6.7 billion)
  • Operating expenses of N119.2 billion, up 15.2% year-on-year (Jun 2014: N103.4 billion)
  • Profit before tax of N52.1 billion, up 7.9% year-on-year (Jun 2014: N48.3 billion)
  • Profit after tax of N40.1 billion, up 7.7% year-on-year (Jun 2014: N37.2 billion)


Balance Sheet Growth

  • Total assets of N4.4 trillion, up 1.7% year-to-date (Dec 2014: N4.3 trillion)
  • Customer deposits of N3.05 trillion, up 2.5% year-to-date (Dec 2014: N3.12 trillion)
  • Customer loans and advances (net) of N2.1 trillion, down 4.3% year-to-date (Dec 2014: N2.2 trillion)


Key Ratios

  • Pre-tax return on average equity of 19.2% (Jun 2014: 20.4%)
  • Post-tax return on average equity of 14.8% (Jun 2014: 15.7%)
  • Net interest margin of 7.8% (Jun 2014: 7.4%)
  • Cost to income ratio of 61.5% (Jun 2014: 65.5%)
  • NPL ratio of 4.1% (Jun 2014: 3.0%)
  • Cost of risk 2.1% (June 2014: 0.7%)
  • 33.3% liquidity ratio (Banking group) (Jun 2014: 36.6%)
  • 18.8% Basel 2 CAR (Banking group) (Jun 2014: 17.6%)

 

Notable Developments and Awards

  • Announced the retirement of the Group Managing Director/CEO of FirstBank, effective December 31, 2015
  • Obtained the final merchant banking license for Kakawa Discount House Limited
  • Selected by the Nigerian Stock Exchange (NSE) as eligible for listing on its Premium Board
  • Awarded:
    • The Best Retail Bank in Nigeria by The Asian Banker International Excellence in Retail Financial Services Awards 2015
    • Silver Award for “Best Impact by Corporate University on Implementation of Business Strategies” by Global Council of Corporate Universities
    • Global Reach Trade Finance Award Nigeria by Deutsche Bank Transaction Banking

 
Commenting on the results, Bello Maccido, the Group CEO said:

 

“The Group is continuing to perform strongly, with gross earnings and operating income respectively up 28.0% and 22.8% year-on-year, despite the challenging macroeconomic environment, but resulted in making conservative provisions on our loan book. These results are indicative of the fact that actions we have implemented to effectively utilise our investments and enhance profitability, while diversifying revenue streams have started to give the desired results”.

 

“Given the current results, we remain confident about the rest of the year. Our focus remains on maintaining profitability and delivering sustainable returns to our shareholders. In order to achieve this, we will continue to work towards building a resilient business and driving efficiencies.”

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