FBN Holdings reports 68.4% increase in profit to N151.08bn

…recommends 35 kobo dividend payout to shareholders

FBN Holdings on Wednesday reported 68.4 per cent increase in profit, according to its audited result and accounts for the period ended December 31, 2021 submitted on the Nigerian Exchange Limited (NGX).

The group in 2021 reported N151.08billion profit as against N89.73billion reported in 2020 financial year.

From the profit and loss figures, the group reported an increase of 99 per cent to N166.66billion in profit before tax from N83.7billion reported in 2020.
Key factors that contributed to the growth in profits are 905.15 per cent increase in other operating income to N149.42billion in 2021 from N14.87billion reported in 2020 and  28 per cent growth in gross earnings to N757.3billion in 2021  from N590.66billion in 2020.

FBN Holdings announced N141.03billion recoveries in 2021 from N11.24billion in 2020.

According to the financial institution, the recoveries during the year is a recovery by the Bank on the Atlantic Energy Ltd loan, which was previously written off. The amount recognized is net of expenses incurred in relation to the recovery.

The Group from its balance sheet position reported 16.2 per cent increase in total assets to N8.9trillion in 2021 from N7.69trillion reported in 2020.

The Board of Directors recommended a dividend of 35 kobo per ordinary share of 50 kobo each, amounting to N12,563,352,477.00 (2020: N16,152,881,755.95).