The Board and Management of FBN Holdings Plc said it will continue to focus on driving sustainable growth and strengthen its digital banking capabilities in providing best-in-class services to all segments of its customers across all footprints in sub-Saharan Africa and beyond.
This is even as the bank recorded N66 billion profit in six months despite the challenging operating environment.
From its unaudited H1 2022 Financial Statement, the bank’s gross earnings grew to N338.5 billion from N276.1 billion recorded in the same period of 2021, representing a 22 per cent year-on-year (y/y) increase. Also, its net interest income rose by N152.9 billion from N102.4 billion, profit before tax (PBT) grew to N65.7 billion from N45.7 billion while profit after tax (PAT) rose by 49 per cent from N38.1 billion in 2021 to N56.5 billion in 2022.
Commenting on the results, the Group Managing Director, Nnamdi Okonkwo, said the group’s performance was a resilient one, adding that progress in its performance metrics remained in line with the group’s focus on driving sustainable growth.
Okonkwo noted that 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 5.4 per cent at H1 2022.
“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”, he said.
Also commenting, Chief Executive Officer of First Bank of Nigeria Limited (Commercial Banking Group), Dr. Adesola Adeduntan, stated that the commercial banking group remained focused on executing key initiatives to position the group for improved profitability in FY 2022 amidst a challenging operating and dynamic regulatory environment in H1 2022.