FBN, UBN post im­pres­sive Q3 re­sults

Daily Trust - - BUSINESS - By Chris Agabi

Two lead­ing banks, First Bank Nige­ria Hold­ings Plc (FBN) and the Union Bank of Nige­ria (UBN) have re­ported im­pres­sive third quar­ter re­sults yes­ter­day, de­spite the coun­try’s slow growth within the pe­riod.

The FBN Hold­ings re­ported an unau­dited 16.9 per­cent rise in its gross earn­ings to N390.0 bil­lion for the nine months ended 30 Septem­ber 2015 while the UBN said it recorded a 11% in­crease over the same pe­riod last year.

The FBN in­come state­ment show that its gross earn­ings of N390.0 bil­lion, is up 16.9 per­cent year-on-year com­pared to Septem­ber 2014 when it posted some N333.6 bil­lion.

Also its net in­ter­est in­come of N192.9 bil­lion, is up 9.3 per­cent year-on-year com­pared to Septem­ber 2014 record of N176.5 bil­lion.

The fig­ure re­leased yes­ter­day by the bank also in­di­cated a non-in­ter­est in­come of N82.5 bil­lion, up 13.4 per­cent year-on-year com­pared to Septem­ber 2014 when it recorded N72.8 bil­lion.

The Group’s op­er­at­ing in­come stood at N275.4 bil­lion, up 10.8 per­cent year-onyear as against the N248.7 bil­lion fig­ures if Septem­ber 2014.

Com­ment­ing on the re­sults, Bello Mac­cido, the Group CEO said; “this has been a chal­leng­ing year so far, with econ­omy slow­ing down and credit con­di­tions re­main­ing ad­verse thereby im­pact­ing the Group’s op­er­at­ing per­for­mance. We are man­ag­ing the cost of risk by strength­en­ing our risk man­age­ment pro­cesses while lever­ag­ing our as­sets, ad­just­ing pric­ing to higher de­fault risks as­so­ci­ated with a con­tract­ing econ­omy; and nowhere has this process been more pro­nounced than in the oil and gas sec­tor”.

Com­ment­ing on the re­sults, Mr. Emeka Emuwa, Man­ag­ing Di­rec­tor/CEO of Union Bank Plc, said:

Our gross earn­ings grew to N86.4bn in the nine months ended 30th Septem­ber 2015, rep­re­sent­ing an 11% in­crease com­pared to the cor­re­spond­ing pe­riod in 2014. This earn­ings growth, cou­pled with sus­tained cost dis­ci­pline has en­abled the Bank de­liver a Profit Be­fore Tax (PBT) of N13.2bn, a 11% in­crease over the same pe­riod last year. Look­ing to­wards the end of the year, we re­main con­fi­dent that the fun­da­men­tals of our busi­ness will re­main strong, spurred by the mo­men­tum of our re­freshed brand.

Fur­ther com­ment­ing on the 9-months’ fi­nan­cials, Chief Financial Of­fi­cer, Mrs. Oyinkan Ade­wale said:

“We are pleased with the financial per­for­mance of the Bank dur­ing a par­tic­u­larly chal­leng­ing pe­riod for the industry as a whole. Ex­clud­ing the sale of sub­sidiaries (gain of N3.4bn YTD Q3 2015 and N6.3bn YTD Q3 2014), Union Bank recorded PBT of N9.8bn for the pe­riod un­der re­view, up by N4.2bn and rep­re­sent­ing a 74% growth over the same pe­riod in 2014.

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