FBN Holdings Unveils Strategies to Enhance Performance
Goddy Egene
The Group Chief Executive Officer of FBN Holdings Plc, Bello Maccido yesterday unveiled strategies to be adopted by the group in order to maintain its leadership position in the financial sector and deliver value to all.
Speaking at the company’s ‘Facts behind the figures’ pre- sentation at the Nigerian Stock Exchange (NSE) in Lagos, Maccido said the company would enhance revenue generation, increase capital management, maintain cost efficiency and portfolio strategy to increase operational profit.
He added that the company would would decrease term loans to short term selfliquidating trade transactions and ensure active monitoring of risk asset portfolio.
He added that the company would rationalise unprofitable branches and as well reduce branch expansion, noting that only critical and important branches would be rolled out.
“We will significantly increase non-bank subsidiaries’ contribution to the group through synergy extraction and promotion of cross sell. We will enhance revenue generation by optimally leveraging the retail banking opportunities from the bank’s infrastructure,” he said.
According to him, FBN Holdings will continue to grow its Naira credit card schem e for stable interest and fee income while also increasing visibility and revenue generation capabilities of its international cards services touch points.
Looking at the impact of regulation of the Central Bank of Nigeria (CBN), Maccido said the company lost N64 billion to the increase in cash reserve requirement (CRR) for both public and private sector to 75 per cent and 20 per cent respectively by the apex bank.
He added that monetary policy tightening through foreign exchange sales restrictions and closure of retail dutch auction sales (RDAS) window affected the company’s revenue generation.
Despite those challenges, the FBN Holdings boss said the company ended 2014 with
gross earnings of N480.6 billion as against the N396.2 billion recorded in the comparative period of 2013.