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FBN Holdings Plc has released its third quart result for 2022 with 116,242% leap by profit for the last three months to N 34.666 billion from N2.746 billion in Q3 2021.
Profit for nine months ended September 30, 2022 rose by 123.58% to N91.202 billion from N40.791 billion in 2021
Other highlights of the result include Net interest income rise to N96.621 billion to N59.138 billion in Q3 while it rose to N249.533 billion from N162.961 billion in nine months.
Net interest income after impairment charge for losses rose to N81.621 billion from N51.013 billion in Q3 and to N212.822 billion fromN128.122 billion in nine months.
Operating profit in Q3 rose to N39.655 billion from N7.900 billion and to N105.532 billion from N53.300 in nine months.
Commenting on the company’s financial statement, leading research firm, Cordros Securities, said “As noted in our Q1-23 First Glance, FLOURMILL’s result reflects the company’s innovation around product offerings and tapping directly into the B2C segment. However, we are concerned about the company’s ballooning finance costs, following the significant effect on the company’s profitability. While we note that cost pressures remain existent, we believe the company remains well-positioned to maintain decent topline growth given its well-diversified product portfolio and the inelastic demand for its products.
