FBN Holdings posts N36bn half year profit

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.