FBNHoldings records ₦581.8bn gross earnings in 2016
Foremost Nigeria’s financial institution, First Bank of Nigeria Holdings (FBNHoldings) or the “Group”) has recorded a gross earnings of ₦581.8 billion for its year ended 31 December 2016 activities.
The institution’s audited results for the period released to investors via the Nigerian Stock Exchange showed a gross earnings of ₦581.8billion, up 15.7 per cent year-on-year against ₦502.7 billion recorded in 2015.
Net-interest income grew to N304.4 billion, up by 14.8 per cent y-o-y against ₦265.2 in 2015 billion, while non-interest income rose to N165.5 billion, representing 68.9 increase y-o-y over ₦97.9 billion, recorded in 2015.
It recorded a total assets of ₦4.7 trillion, up 13.7 from ₦4.2 trillion, recorded in 2015, while
customer deposits in the period grew to ₦3.1 trillion, representing 4.5 per cent over ₦3.0 trillion, in 2015.
Customer loans and advances (net) also rose to ₦2.1 trillion, up 14.7% as against ₦1.8 trillion in 2015.
However, its operating income rose to ₦469.9 billion, up 29.4% from N363.1 billion in 2015.
Its impairment charge for credit losses also rose to ₦226.0 billion from ₦118.8 billion, in the previous year, operating expenses stood at ₦220.9 billion, decreasing by 0.8% from ₦222.7 billion in 2015.
Its profit before tax rose to ₦22.9 billion, up 6.3 from ₦21.6 billion, recorded in 2015, while
profit after tax ₦17.1 billion, equally went up 10.3% compared to ₦15.5 billion, recorded in 2015
Some of the key ratios to the positive performance of the institutions in the period include the post-tax return on average equity of 3.0% as against 2.8% in 2015; post-tax return on average assets of 0.4% as as 0.4% in 2015.
Rise in net-interest margin of 8.8 % over 8.1%, in 2015; decrease of cost to income ratio of 47.0% compared to 61.3%, recorded in 2015
A 17.8% increase in Basel 2 capital adequacy ratio of its subsidiary, (FirstBank (Nigeria)) from 17.1% in 2015, among others.
0 Comments