FBN gross N581.8 billion in 2016, earnings soar 15 per cent

First Bank Nigeria Holdings Plc, parents of First Bank Nigeria has posted gross earnings of N581.8 billion in its audited results for the 2016 fiscal year, where its earnings were up by 15 per cent.

The results showed the gross earnings leapt from N502.7 billion recorded in 2015.

The Group reported operating expenses of N220.9 billion, down by 0.8 per cent from N222.7 billion.

The Profit before tax of N22.9 billion, up 6.3 per cent from N21.6 billion in 2015, while Profit after tax was N17.1 billion, up 10.3 per cent from N15.5 billion recorded in the same period in 2015.

Total assets stood at N4.7 trillion, up 13.7 per cet while Customer deposits hit N3.1 trillion compared with N3 trillion in 2015

Commenting on the results, UK Eke, the Group Managing Director said: “2016 has been a year characterised by significant uncertainty in the operating environment. Despite this, FBN Holdings has delivered a solid performance while focusing on addressing the pre-existing issues in the loan book which resulted in the current loan loss. This performance has been achieved through ongoing initiatives in driving efficiency across the various businesses, transforming the risk management and control environment, containing cost, as well as enhancing revenue generation from the banking and non-banking subsidiaries.
We expect an improved economic environment through 2017 and are confident that the foundations we have put in place will drive improved financial performance and consequently enhance shareholder returns.”

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