{"id":41911,"date":"2020-08-07T03:01:02","date_gmt":"2020-08-07T02:01:02","guid":{"rendered":"https:\/\/nationalwire.com.ng\/?p=41911"},"modified":"2020-08-07T03:01:02","modified_gmt":"2020-08-07T02:01:02","slug":"fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank","status":"publish","type":"post","link":"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/","title":{"rendered":"FBN Holdings GMD Lists Benefits Of N25bn Injection Into FirstBank"},"content":{"rendered":"

The Group Managing Director of FBN Holdings Plc, Mr. UK Eke, has said that the injection of N25 billion capital into, the group commercial banking arm,\u00a0\u00a0 FirstBank,\u00a0is in line with\u00a0 the Group\u2019s\u00a0 mandate of delivering greater value to shareholders and strengthening the\u00a0 resolve to consolidate its leadership in the banking sector.<\/p>\n

He made this assertion during the Q2 investor and analyst conference call.<\/p>\n

Giving further insight into the capital injection,\u00a0 the Chief Financial Officer of FBN Holdings, Wale Ariyibi, said:\u2018FBN Holdings injected N25 billion into First Bank of Nigeria Ltd (FirstBank) as equity capital. This capital injection has cleared all regulatory approvals. However, this is not the total amount received as consideration for selling our 65 per cent holdings (investment) in FBN Insurance. The N25 billion is made up of two parts: net proceeds of sale of stake in FBNI , which is gross proceeds less professional fees, charges and other cost of sale and FBNHoldings\u2019 own funds.\u201d<\/p>\n

According to him,\u00a0 with the injection, FirstBank leveraged this Tier 1 Capital with its existing Tier 2 capital to increase its Capital Adequacy Ratio from 15.3 per cent as at Q1 2020 to 16.53 per cent as at Q2 2020.<\/p>\n

Meanwhile,\u00a0 speaking further on the Q2 financial performance of FBN Holdings Plc, Eke said\u00a0 the Group delivered\u00a0 a very robust financial performance which demonstrates the resilience of the Group and the successful execution of its strategy.\u00a0 According to him, they have\u00a0 delivered earnings growth, strengthened their balance sheet; maintained a strong liquidity profile; consolidated\u00a0 their leadership in e-banking whilst also keeping\u00a0 their\u00a0 costs under control amidst the a very challenging period for the sector and the economy as a whole.<\/p>

\r\n
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

\u201cFrom the financial performance, \u00a0gross earnings was up 5.8 per cent year-on-year, profit after tax for the period was up 56.3 per cent on the back of strong growth in non-interest income. The progress made in our non-interest income was driven by good treasury management activities benefiting from the increased volatility as well as increasing market share in the e-banking segment,\u201d he said.<\/p>\n

According to him, FirstBank has\u00a0 made\u00a0 significant progress in agent banking, increasing its agent banking network by over 100 per cent\u00a0\u00a0 to 59,024 agents within the period. Similarly, it crossed the N5 trillion threshold for value of transaction processed, as we processed 5.71trillion compared to N1.61trillion in the prior period. More importantly, we are monetising our agent banking and its revenue contribution to e-business income continues to grow. The growth in volume and value across our electronic banking channel continues to offset the reduction in regulated fees and this has allowed us to keep our revenues flat,\u201d he said.<\/p>\n

Eke added that as\u00a0 promised, non-perfoming loans(NPL) ratio has remained in single digit and continues to decline, saying\u00a0 the NPL ratio dropped further to 8.8 per cent from 9.9 per cent at year end.<\/p>\n

Looking ahead, he said: \u201cWe remain steadfast and are focussed on the controllable elements with a mission to propel our performance over the coming periods. In particular, we will continue to innovate and maintain our distinctive advantage in digital and agent banking and continue our transformation in transaction-led banking activities. As recent events have shown, we have managed to weather the storm and are focused on delivering greater value to\u00a0 our stakeholders.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The Group Managing Director of FBN Holdings Plc, Mr. UK Eke, has said that the injection of N25 billion capital into, the group commercial banking arm,\u00a0\u00a0 FirstBank,\u00a0is in line with\u00a0 the Group\u2019s\u00a0 mandate of delivering greater value to shareholders and strengthening the\u00a0 resolve to consolidate its leadership in the banking sector.<\/p>\n","protected":false},"author":6,"featured_media":41803,"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],"tags":[2942],"coauthors":[2391],"class_list":["post-41911","post","type-post","status-publish","format-standard","has-post-thumbnail","","category-business","tag-fbnholdings"],"yoast_head":"\nFBN Holdings GMD Lists Benefits Of N25bn Injection Into FirstBank - National Wire<\/title>\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-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"FBN Holdings GMD Lists Benefits Of N25bn Injection Into FirstBank - National Wire\" \/>\n<meta property=\"og:description\" content=\"The Group Managing Director of FBN Holdings Plc, Mr. UK Eke, has said that the injection of N25 billion capital into, the group commercial banking arm,\u00a0\u00a0 FirstBank,\u00a0is in line with\u00a0 the Group\u2019s\u00a0 mandate of delivering greater value to shareholders and strengthening the\u00a0 resolve to consolidate its leadership in the banking sector.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/\" \/>\n<meta property=\"og:site_name\" content=\"National Wire\" \/>\n<meta property=\"article:published_time\" content=\"2020-08-07T02:01:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2020\/07\/e3e869f5-uk-eke.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"480\" \/>\n\t<meta property=\"og:image:height\" content=\"360\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Friday Ekeoba\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebSite\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/\",\"name\":\"National Wire\",\"description\":\"About Nigerians, Nigerian Business and Other Stories\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/#primaryimage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2020\/07\/e3e869f5-uk-eke.jpg\",\"contentUrl\":\"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2020\/07\/e3e869f5-uk-eke.jpg\",\"width\":480,\"height\":360},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/#webpage\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/\",\"name\":\"FBN Holdings GMD Lists Benefits Of N25bn Injection Into FirstBank - National Wire\",\"isPartOf\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/#primaryimage\"},\"datePublished\":\"2020-08-07T02:01:02+00:00\",\"dateModified\":\"2020-08-07T02:01:02+00:00\",\"author\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\"},\"breadcrumb\":{\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/nationalwire.com.ng\/sub\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"FBN Holdings GMD Lists Benefits Of N25bn Injection Into FirstBank\"}]},{\"@type\":\"Person\",\"@id\":\"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927\",\"name\":\"Friday Ekeoba\",\"url\":\"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/\"}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"FBN Holdings GMD Lists Benefits Of N25bn Injection Into FirstBank - National Wire","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/","og_locale":"en_US","og_type":"article","og_title":"FBN Holdings GMD Lists Benefits Of N25bn Injection Into FirstBank - National Wire","og_description":"The Group Managing Director of FBN Holdings Plc, Mr. UK Eke, has said that the injection of N25 billion capital into, the group commercial banking arm,\u00a0\u00a0 FirstBank,\u00a0is in line with\u00a0 the Group\u2019s\u00a0 mandate of delivering greater value to shareholders and strengthening the\u00a0 resolve to consolidate its leadership in the banking sector.","og_url":"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/","og_site_name":"National Wire","article_published_time":"2020-08-07T02:01:02+00:00","og_image":[{"width":480,"height":360,"url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2020\/07\/e3e869f5-uk-eke.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_misc":{"Written by":"Friday Ekeoba","Est. reading time":"3 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebSite","@id":"https:\/\/nationalwire.com.ng\/sub\/#website","url":"https:\/\/nationalwire.com.ng\/sub\/","name":"National Wire","description":"About Nigerians, Nigerian Business and Other Stories","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/nationalwire.com.ng\/sub\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/#primaryimage","url":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2020\/07\/e3e869f5-uk-eke.jpg","contentUrl":"https:\/\/nationalwire.com.ng\/sub\/wp-content\/uploads\/2020\/07\/e3e869f5-uk-eke.jpg","width":480,"height":360},{"@type":"WebPage","@id":"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/#webpage","url":"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/","name":"FBN Holdings GMD Lists Benefits Of N25bn Injection Into FirstBank - National Wire","isPartOf":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#website"},"primaryImageOfPage":{"@id":"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/#primaryimage"},"datePublished":"2020-08-07T02:01:02+00:00","dateModified":"2020-08-07T02:01:02+00:00","author":{"@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927"},"breadcrumb":{"@id":"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/"]}]},{"@type":"BreadcrumbList","@id":"https:\/\/nationalwire.com.ng\/sub\/fbn-holdings-gmd-lists-benefits-of-n25bn-injection-into-firstbank\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/nationalwire.com.ng\/sub\/"},{"@type":"ListItem","position":2,"name":"FBN Holdings GMD Lists Benefits Of N25bn Injection Into FirstBank"}]},{"@type":"Person","@id":"https:\/\/nationalwire.com.ng\/sub\/#\/schema\/person\/e2ab303e561d755b325fc9cea3854927","name":"Friday Ekeoba","url":"https:\/\/nationalwire.com.ng\/sub\/author\/friday\/"}]}},"_links":{"self":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/41911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/users\/6"}],"replies":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/comments?post=41911"}],"version-history":[{"count":2,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/41911\/revisions"}],"predecessor-version":[{"id":41913,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/posts\/41911\/revisions\/41913"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media\/41803"}],"wp:attachment":[{"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/media?parent=41911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/categories?post=41911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/tags?post=41911"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/nationalwire.com.ng\/sub\/wp-json\/wp\/v2\/coauthors?post=41911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}