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FBN Holdings Plc whose subsidiaries include First Bank of Nigeria Limited, FBNQuest Merchant Bank Limited among others has released its interim financial statements for the period ended 30 September 2021 with a group 40.15% decline in profit for the period to N40.791 billion from N68.156 billion in 2020.
Group gross earnings also dropped to N427.030 billion from N439.332 billion in 2020.
During the period ended September 30, 2021, the Central Bank of Nigeria (CBN) dissolved the erstwhile Board of FBN Holdings Plc and constituted a new Board effective from April 30, 2021.
The principal activity of the Company is the raising and allocation of capital and resources. The Company is also responsible for coordinating group-wide financial reporting to shareholders and managing shareholder, investor and external relations to the Group and the task of developing and coordinating implementation of Group strategies.
The Company has six direct subsidiaries, namely: First Bank of Nigeria Limited, FBNQuest Merchant Bank Limited, FBNQuest Capital Limited, FBNQuest Trustees Limited, FBN Insurance Brokers Limited, Rainbow Town Development Limited; and indirect subsidiaries, namely: FBNBank (UK) Limited, FBNBank DR Congo Limited, FBNBank Ghana Limited, FBNBank Sierra Leone Limited, FBNBank Guinea Limited, FBNBank Gambia Limited, FBNBank Senegal Limited, First Pension Custodian Nigeria Limited, FBC Assets Limited, FBNQuest Asset Management Limited, FBNQuest Securities Limited, FBNQuest Funds Limited.
