FBN, UBN post impressive Q3 results
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.