FBN Holdings reports 48.6% increase in profit to N56.5bn

FBN Holdings Plc, the holding company of Nigeria’s premier bank, First Bank has released its result for the first half  of the year with 7.52per cent rise in profit for three months to N24.135 billion from N22.446 billion in Q2 2021.

However, profit for the half year jumped by 48.6per cent to N56.536 billion from N38.045 billion in H1 2021.

Net interest income after impairment charge for losses rose to N69.696 billion in Q2 2022 from N37.491 billion in 2021. The figure for the half year rose to N131.201 billion from N77.109 billion in H1 2021.

The Group Managing Director, Nnamdi Okonkwo in a statement said: “FBNHoldings continues to demonstrate resilient performance despite the challenging operating environment withan impressive improvement in revenue and profitability.

“For the half year 2022, gross earnings and profit before taxgrew by 22 per cent y-o-y and 45per cent y-o-y to N359.2 billion and N65.7 billion respectively. Furthermore, we continue to seegood progress across our performance metrics, which remain in line with our focus on driving sustainable growth.

“The Group remains committed in its transformation drive, which has resulted in stronger balance sheet and better asset quality with non-performing loans closing at 5.4per cent at H1 2022.

“Similarly, risk management capability remains robust across the Group supporting the drive for enhanced earnings for sustainable capital accretion. During the period, cost to income ratio remained flat y-o-y despite the inflationary and currency pressure, as we continue to focus on optimising overall efficiency.

“Our strategic intent remains unchanged in optimising opportunities that drive growth in revenue, profitability, capital accretion and overall operational efficiency that delivers sustainable value to our stakeholders.”