{"id":39829,"date":"2020-04-27T19:29:46","date_gmt":"2020-04-27T18:29:46","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=39829"},"modified":"2020-04-27T20:53:50","modified_gmt":"2020-04-27T19:53:50","slug":"fbn-holdings-ready-to-take-on-the-future-as-return-on-equity-rises-by-270-basis-points","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-ready-to-take-on-the-future-as-return-on-equity-rises-by-270-basis-points\/","title":{"rendered":"FBN Holdings Ready To Take On The Future … As Return On Equity Rises By 270 Basis Points"},"content":{"rendered":"

FBN Holdings Plc, Nigeria’s leading financial services group, held its Annual General Meeting (AGM) today, Monday, 27 April, 2020 at Oriental Hotel, Lagos.<\/p>\n

At the AGM, FBN Holdings Plc reiterated its promise to place its shareholder value at the forefront of its\u00a0operations, noting that as a Group, it is positioned and driven to not just remain\u00a0relevant in the future but also involved in the development of the Nigerian economy and its host countries across Africa.<\/p>\n

The Chairman of Board of Directors of FBN Holdings Plc, Dr. Oba Otudeko, stated this in his address to shareholders at the 8th Annual General Meeting (AGM) held in Lagos.<\/p>\n

According to him, in 2019, FBNHoldings\u00a0deepened its\u00a0efforts to realise revenue, \u201cas a result, a 42 per cent increase in synergy revenue was recorded during the financial year, highlighting the Group\u2019s enhanced ability to address customers\u2019 needs through our thriving subsidiaries. It is important to highlight that the Board of Directors and Management of FBNHoldings will ensure that all our operating entities have sufficient resources (financial and non-financial) to grow their businesses, deepen market penetration and enhance overall shareholder value,\u201d.<\/p>\n

The Chairman noted that\u00a0the year 2020 marks the beginning of another three-year strategic planning cycle for the Group\u00a0and we have\u00a0extensively engaged internally and mapped\u00a0our\u00a0course of action over the next three years.<\/p>\n

\u201cIn line with current and future trends, we have realigned our vision and strategic priorities across our operating entities. Furthermore, we have identified synergistic opportunities and key services that can be leveraged to further drive efficiency and overall productivity across the Group,\u201d Otudeko said.<\/p>\n

In his address, Group Managing Director\/CEO, FBN Holdings Plc, Mr. UK Eke said central to its strategy is the three-pronged focus of the Group aimed at restoring shareholders value over the last three years, which enhanced the revenue profile of the Group in the context of diversification across multiple streams, markets and sectors.<\/p>\n

\u201cThese primary focus areas are in addition to the long-term strategy of the Group, which is ultimately geared towards ensuring that FBNHoldings becomes one of the foremost financial services institutions in Sub-Saharan Africa. I am pleased to report that we have made material progress on all three fronts (albeit at different levels of success). The 2019 financial results reinforce our optimism in enhancing value for shareholders,\u201d he said.<\/p>\n

According to him, the 2019 financial results have been a good reflection of our strategy and the directional ratios are consistent with the future we seek to create for the institution.<\/p>\n

Speaking further on the performance, the GMD said “the Group\u2019s profit before tax of N83.6 billion, a 30.9 per cent growth over prior year at N63.9 billion, other key metrics such as return on equity, loans and advances, deposits, shareholders\u2019 equity improved during the year at varying rates.\u00a0 Return on equity improved by 270 basis points closing the year at 12.4 per cent from 9.7 per cent. Total assets grew by 11.4 per cent from N5.6 trillion to N6.2 trillion over the last one year. Total deposit and shareholders\u2019 equity grew 15.3 per cent and 25 per cent, closing the year at N4.0 trillion and N661.1 billion respectively,\u201d<\/p>

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He assured shareholders that the strategy to reposition the Group is gathering momentum and the key pain points, including the challenging delinquent loan portfolio, have been effectively addressed except for the need to intensify efforts at reducing our cost to serve.<\/p>\n

\u201cNow that we are on course for a normalised NPL territory in 2020 and with our leadership position in electronic channels, the Group is positioned to take advantage of the evolving opportunities in the market for the benefit of our esteemed shareholders,\u201d Eke stated.<\/p>\n

Meanwhile, shareholders of the company have commended the board and management for steering the ship of the company to higher profitability. The shareholders, who spoke at the AGM, expressed their satisfaction with the financial statement and approved the 38 kobo dividend per share that was proposed by the Board of Directors of the company.<\/span><\/p>\n

Chief Sunny Nwosu, President Emeritus of the Independent Shareholders Association of Nigeria<\/span>,\u00a0<\/span>praised the Board and Management of the Group for the dividends proposed saying, \u201cI want to put on record, our appreciation for the dividend being proposed. We look forward greater dividend in the future because we believe we have in place a management with good thinking. So, we are expectant of good products.\u201d<\/span><\/p>\n

Speaking in the same vein, another shareholder, Mr. Adebayo Adeleke described the financial result of the Group as another outstanding performance and one that has helped shareholders enjoyed better dividend of 38kobo this year.<\/span><\/p>\n

In his own contribution, another shareholder, Mr. Matthew Akinlade said, \u201cI want to praise the commitment of the directors, the management and staff to the progress of the group. I looked at all the 8 Board Meetings held in 2019, all the Directors were present. So, I congratulate the group and pray we continue to make progress.\u201d<\/span><\/p>\n

CAPTION:<\/strong><\/p>\n

L-R: Dr. Adesola Adeduntan,FCA, Managing Director, First Bank of Nigeria, Mr. U.K Eke, MFR, Group Managing Director, FBN Holdings Plc, Mr. Oluseye Kosoko, Company Secretary FBN Holdings Plc at the 8th Annual General Meeting of the Group held in Lagos on Monday 27, April 2020<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

FBN Holdings Plc, Nigeria’s leading financial services group, held its Annual General Meeting (AGM) today, Monday, 27 April, 2020 at Oriental Hotel, Lagos.<\/p>\n","protected":false},"author":6,"featured_media":39844,"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":[17],"tags":[2942],"coauthors":[2391],"class_list":["post-39829","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-news","tag-fbnholdings"],"yoast_head":"\nFBN Holdings Ready To Take On The Future ... 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