{"id":18592,"date":"2017-10-27T07:09:45","date_gmt":"2017-10-27T06:09:45","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=18592"},"modified":"2017-10-27T14:39:20","modified_gmt":"2017-10-27T13:39:20","slug":"fbn-holdings-declares-n45-8b-profit-q3-appoints-folake-ani-mumuney-mimiko-executive-directors","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-declares-n45-8b-profit-q3-appoints-folake-ani-mumuney-mimiko-executive-directors\/","title":{"rendered":"FBN Holdings declares N45.8B profit in Q3, appoints Folake Ani-Mumuney, Mimiko Executive Directors"},"content":{"rendered":"

For the\u00a0<\/span>nine months ended September 30, 2017, FBN Holdings has announced Profit after tax of\u00a0N<\/s>45.8 billion, up 7.8 per cent when compared with\u00a0N<\/s>42.5 billion recorded in 2016.<\/span><\/p>\n

Gross earnings is\u00a0\u00a0N<\/s>439.2 billion, up 5.2 per cent as against\u00a0N<\/s>417.4 billion in 2016 while Net-interest income is\u00a0\u00a0N<\/s>254.3 billion, up 25.3% y-o-y (Sept 2016:\u00a0N<\/s>202.9 billion)<\/span><\/p>\n

Also, operating expenses stood at\u00a0\u00a0N<\/s>175.3 billion, up 8.4% y-o-y\u00a0(Sept 2016:\u00a0N<\/s>161.8 billion while total assets stood at\u00a0 N4.9<\/s>\u00a0trillion, up 2.7% year-to-date (y-t-d) (Dec 2016:N4.7trillion)\u00a0<\/span><\/p>\n

\u00a0\u00a0\u00a0However, Customer deposits is\u00a0\u00a0N<\/s>3.0 trillion, down 5.3% y-t-d (Dec 2016: N3.1<\/s>\u00a0trillion) while Customer loans and advances (net) is\u00a0\u00a0N<\/s>2.0 trillion, down 1.9% y-t-d (Dec 2016: N2.1<\/s>trillion)<\/span><\/p>\n

\u00a0Commenting on the results, UK Eke,\u00a0<\/span>MFR<\/span>, the Group Managing Director said:\u00a0<\/span>\u201cFBNHoldings has again demonstrated its resilience in revenue generation with a 5.2% y-o-y growth in gross earnings to\u00a0N<\/s>439.2 billion following a y-o-y increase of 25.2% in net interest income to\u00a0N<\/s>254.3 billion. The Group is progressing in building the right structures for sustainable growth through an improved credit culture and risk management; increased technologically driven operational efficiencies; and the introduction of revenue enhancing platforms.<\/p>\n

\u00a0\u00a0\u201cThe Insurance group sustained its strong performance and we expect to see further growth from the retail, corporate and annuity businesses. Similarly, we continue to see strong growth trajectory in the Merchant Banking and Asset Management group. These businesses complement our commercial banking business in our aspiration to becoming the leading financial services institution in Middle Africa.<\/p>\n

\u00a0\u201cWe remain confident that the initiatives being implemented across our subsidiaries will further strengthen our business and ultimately reposition the Group for sustainable growth\u201d<\/p>\n

FBN Holdings\u2019 Total assets hits N4.9 trillion as at September 30, 2017, up 2.7per cent year-to-date (y-t-d) increase over N4.7 trillion reported in 2016 full year.<\/p>

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Advertisement<\/div>\r\n\t\t\t\t\t\t\t<\/a>\r\n \r\n\t\t\t\t\t\t\t<\/div>\n

The statement said, \u201cTotal assets increased by 2.7per cent y-t-d to N4.9 trillion (Dec 2016: N4.7 trillion); this was largely driven by a 7.1per cent y-t-d increase in investment securities to N1.34 trillion (Dec 2016: N1.25 trillion); and a 41.9per cent y-t-d increase in loans to banks to N631.5 billion (Dec 2016: N444.9 billion).<\/p>\n

\u201cEarning assets have been further optimised with total interest earning assets growing by 5.7per cent y-t-d to N3.96 trillion from N3.74 trillion in December 2016, representing 81.3per cent of total assets (Dec 2016: 79.0per cent)<\/p>\n

Total customer deposits declined by 5.3% y-t-d to N2.9 trillion (Dec 2016: N3.1 trillion) as we focused on growing inexpensive deposit at the right mix. The Group\u2019s deposit base remains overall stable and strong with a growing retail franchise and about 13 million active customer accounts. The decline in domiciliary deposits yt-d can be attributed primarily to the state related remittances made and reported during the half year results.<\/p>\n

Similarly, term deposits declined to N841.2 billion (Dec 2016: N842.3 billion). On the other hand, Savings deposits, representing a very stable funding base, has continued to increase to N974.1 billion, up 2.2% y-o-y (Dec 2016: N952.7 billion) reflecting the strength of the franchise and its well-diversified funding base.<\/p>\n

Total loans & advances to customers (net) declined by 1.9% y-t-d to N2.0 trillion (Dec 2016: N2.1 trillion) primarily following repayments and write-off of assets that had been fully impaired. This result speaks to the efforts being made to strengthen asset quality in a sustainable manner while cleaning up our legacy asset position. Sectors contributing to growth in the quarter are; manufacturing, agriculture and general<\/p>\n

Shareholders\u2019 funds closed at N631.1 billion, up 8.3per cent\u00a0 y-t-d (Dec 2016: N582.6 billion), benefitting largely from an increase in: retained earnings (up 21.4per cent y-t-d to N196.2 billion (Dec 2016: N161.6 billion)); AFS (up 23.2per cent y-t-d to N33.9 billion (Dec 2016: N27.5 billion)); foreign currency translation reserves (up 13.3% y-t-d to N39.4 billion (Dec 2016: N34.8 billion)); as well as, SSI25 reserve (up 41.4% y-t-d to N8.6 billion (Dec 2016: N6.1 billion).<\/p>\n

Capital adequacy ratio for FirstBank (Nigeria) closed at 17.2per cent (Dec 2016: 17.8per cent) 220bps above the regulatory minimum of 15per cent, while the Capital adequacy ratio for FBN Merchant Bank closed at 23.1per cent (Dec 2016: 22.6per cent) above the 10per cent required by regulation for Merchant Banks.<\/p>\n","protected":false},"excerpt":{"rendered":"

For the\u00a0nine months ended September 30, 2017, FBN Holdings has announced Profit after tax of\u00a0N45.8 billion, up 7.8 per cent when compared with\u00a0N42.5 billion recorded in 2016. Gross earnings is\u00a0\u00a0N439.2 billion, up 5.2 per cent as against\u00a0N417.4 billion in 2016 while Net-interest income is\u00a0\u00a0N254.3 billion, up 25.3% y-o-y (Sept 2016:\u00a0N202.9 billion) Also, operating expenses stood …<\/p>\n","protected":false},"author":6,"featured_media":18607,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[23,17],"tags":[2178,740,575],"coauthors":[2391],"class_list":["post-18592","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","category-news","tag-fbn-holdings","tag-nse","tag-sec"],"yoast_head":"\nFBN Holdings declares N45.8B profit in Q3, appoints Folake Ani-Mumuney, Mimiko Executive Directors - National Wire<\/title>\n<meta name=\"description\" content=\"FBN Holdings declares N45.8B profit in Q3, appoints Folake Ani-Mumuney, Mimiko Executive Directors -\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-declares-n45-8b-profit-q3-appoints-folake-ani-mumuney-mimiko-executive-directors\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBN Holdings declares N45.8B profit in Q3, appoints Folake Ani-Mumuney, Mimiko Executive Directors - 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