FBN Hold­ings posts N36bn half year profit

Daily Trust - - BUSINESS - By Chris Agabi

First Bank Hold­ings Plc has announced its unau­dited half year re­sult ended June 30, 2016 with a profit af­ter tax of N35.9 bil­lion, against the June 2015 N40.1 bil­lion fig­ure, rep­re­sent­ing 10.5 per cent de­cline yearon-year.

Also, its profit be­fore tax stood at N45.9 bil­lion, down 11.9 per cent yearon-year (June 2015, N52.1 bil­lion).

The group’s net-in­ter­est in­come was N126.1 bil­lion, 5.0 per cent lower than the N132.7 bil­lion it posted same pe­riod last year while the non-in­ter­est in­come of N94.1 bil­lion, is a 52.0 per cent rise year-on-year (Jun 2015, N61.9 bil­lion).

How­ever, the op­er­at­ing in­come of the group was N220.1 bil­lion, up 13.1% per cent year-on-year (June 2015, N194.61 bil­lion) but im­pair­ment charge for credit losses rose to N69.9 bil­lion as against N22.6 bil­lion last year.

Its op­er­at­ing ex­penses went down to N104.3 bil­lion, 13.0 lower than the June 2015 fig­ure of N119.91 bil­lion.

The group’s to­tal as­sets climbed to N4.8 tril­lion, up 15.3 per cent yearto-date (Dec 2015, N4.2 tril­lion) while cus­tomer de­posits peaked at N3.1 tril­lion, up 4.2 per cent year-to-date (Dec 2015, N2.97 tril­lion).

Its cus­tomer loans and ad­vances (net) of N2.1 tril­lion, is up 16.2% per cent year-to-date (Dec 2015, N1.8 tril­lion).

Com­ment­ing on the re­sults, U.K Eke, the group man­ag­ing di­rec­tor said, FBN Hold­ings’ per­for­mance has re­mained re­silient in the chal­leng­ing macroe­co­nomic and busi­ness en­vi­ron­ment, fur­ther ex­ac­er­bated by the de­val­u­a­tion of the naira and by the per­sis­tent rise in in­fla­tion.

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