FBN Holdings’ profit was boosted by high trading income coupled with a lower operating expense.
FBN Holdings Plc has posted a Profit Before Tax of N21.9 billion for the third quarter of the year (Q3, 2020) – indicating a 20.2% increase from the figures posted in the corresponding period of 2019
This is according to its latest financials sent to the Nigerian Stock Exchange.
Key highlights of Q3 2020 are:
Profit Before Tax increased to N21.9 billion, up by +20.2% Y-o-Y.
Profit for the period from continuing operations increased to N18.72, up by+1.41% Y-o-Y.
Interest income declined to N90.3 billion, -12.2% Y-o-Y.
Interest expense declined to N28.8 billion, -29.6% Y-o-Y.
Net interest income marginally declined to N61.5 billion, -0.6% Y-o-Y.
Fees and commission income increased to N31.8 billion, +17.9% Y-o-Y.
Foreign exchange income increased to N2.96 billion, +223.5% Y-o-Y.
Personnel expenses increased to N24.64 billion, indicating a gain of +9.82% Y-o-Y.
From December 2019 to September 2020, loans and advances to customers increased to N2.05 trillion, up by+10.9%.
Total assets grew to N7.2 trillion in September 2020 from N6.2 trillion it recorded as at December 2019, +16.8%.
Between December 2019 and September 2020, deposits from customers increased to N4.6 trillion, up by +15.2%.
High trading income coupled with a lower operating expense played a vital role in boosting the firm’s profit. In addition, higher current and non-current components boosted the over total assets value.