FBN Holdings grows profit by 178.8%
FBN Holdings Plc has announced 178.8 percent growth in its Profit After Tax, PAT, for the year ended December 31, 2017.
The result of the bank’s full year financial statement released on the Nigerian Stock Exchange, NSE, showed that it posted N47.8 billion in post tax profit compared to N17.1 billion posted in the same period in 2016.
The gross earnings grew by 2.3 percent to N595.4 billion as against N581.8 billion in 2016, driven by a 15.9 percent growth in interest income on the back of enhanced yields and volume growth in investment securities.
The bank explained that growth in the gross earnings was partly offset by a 31.5 percent decline in non-interest income.
Commenting on the results, UK Eke, the Group Managing Director said: “As evident by the continually improving set of results, the initiatives we have put in place are producing encouraging results ahead of our projections.
It is noteworthy to highlight that this progress has not been detrimental to our commitment to cost containment, illustrated by the 7.7 percent increase in operating expenses, opex, which is significantly below the headline inflation rate of 15.4 percent. This result was also made possible by the successful implementation of our digitisation initiatives, that have allowed us to serve our customers in a more efficient and effective way.