Despite a difficult operating environment, leading financial services conglomerates, FBN Holdings Plc says its profit after tax rose by 56.3 per cent to N49.5 billion year-on-year in the first half of 2020 from N31.6 billion in the corresponding period of 2019.
According to a filing obtained from the Nigerian Stock Exchange (NSE)’s website, the bank’s gross earnings stood at N296.4 billion for the six months ended June 30, 2020, showing an increase of 5.8 per cent, from N280.3 billion for the corresponding period of 2019.
Furthermore, its net interest income rose 7.4 per cent from N141.7 billion to N131.3 billion in 2020, while non-interest income grew by 46.8 from N54.6 billion to N80.1 billion in 2020. Unlike the recent trend witnessed in the company, impairment charge for credit losses rose 38.6 per cent from N22.1 billion to N30.7 billion, but this surge in impairment charges, never affected its profit before tax (PBT) which grew by 14.3 per cent to N41.4 billion, from N36.2 billion, while profit after tax (PAT) grew faster by 56.3 per cent to N49.5 billion from N31.6 billion in 2019. According to the statement, the group’s operating expenses rose by 0.9 per cent to N139.2 billion y-o-y from N137.9 billion. Commenting on the results, Group Managing Director of FBN Holdings, UK Eke, said, the H1 2020 financial results are impressive and reconfirmed the bank’s consistent focus on enhanced shareholder value. He said despite a difficult operating environment, the half year results demonstrated its resilience and capacity to deliver on long-term ambitions.