FBN Holdings reports 21.3% rise in gross earnings to N480.6bn

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… Proposes dividend of 10kobo per share, bonus of 1 for 10

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1ST-ANNUAL-GENERAL-MEETING-OF-FIRST-BANK-HOLDINGS-PLC-IN-LAGOSFBN Holdings plc Tuesday at the Nigerian Stock Exchange (NSE) released its audited results for the full year ended December 2014.
Its gross earnings stood at N480.6 billion, up 21.3% year-on-year (against December 2013: N396.2 billion). Net interest income of N243.9 billion, up 6.0% year-on-year (December 2013: N230.1 billion).
Non-interest income of N111.8 billion, up 66.1% year-on-year (December 2013: N67.3 billion). Operating income of N355.1 billion, up 19.8% year-on-year (Dec 2013: N296.4 billion).
Impairment charge for credit losses of N25.9 billion was up 27.7% year-on-year (December 2013: N20.3 billion). Operating expenses of N236.8 billion was up 27.5% year-on-year (December 2013: N185.8 billion). Profit before tax of N92.9 billion, up 1.7% year-on-year (December 2013: N91.3 billion).
Profit after tax of N82.8 billion was up 17.3% against December 2013 level of N70.6 billion.
The Holding company is proposing a cash dividend of 10kobo per 50 kobo share and a scrip (bonus) issue of one (1) Share for every ten Shares held amounting to a total distribution of N1.05k per share. This is compared to December 2013 when it paid N1.10kobo dividend.
The company’s total assets rose to N4.3 trillion, up 12.2% year-on-year (against December 2013: N3.9 trillion). Customer deposits of N3.1 trillion, up 4.2% year-on-year (December 2013: N2.9 trillion). Customer loans and advances (net) of N2.2 trillion, up 23.2% year-on-year (December 2013: N1.8 trillion)
Pre-tax return on average equity stood at 18.7% (December 2013: 20.0%); post-tax return on average equity of 16.7% (December 2013: 15.5%). Net interest margin of 7.6% (December 2013: 8.0%). Cost to income ratio (CIR) rose to 66.7% (December 2013: 62.7%). Non Performing Loan ratio declined to 2.9% (December 2013: 3.0%). The Banking group’s liquidity ratio was 44.0% in FY’14 (December 2013: 44.2%) .
FBN Holdings completed the acquisition of 100% equity of Kakawa Discount House Limited (Kakawa) which is now a direct subsidiary of FBNH.  FBN Insurance Limited completed the acquisition of 100% equity interest in Oasis Insurance Plc.  FirstBank acquired ICB Senegal to complete the acquisition of the International Commercial Bank’s (ICB) West African operations.  FirstBank concluded a US$450 million subordinated Tier 2 debt issuance in the international markets for general banking purposes.
Commenting on the results, Bello Maccido, the Group CEO said: “The Group recorded a strong financial performance in 2014, in spite of the highly challenging operating environment particularly for our flagship business, First Bank of Nigeria. As such, th e performance by the Banking Group is a testament to the underlying strength of our commercial banking business which is built on an extensive retail network and a robust information technology platform. Notwithstanding the tough operating environment, the Group showed commendable growth across all the key performance indicators buoyed by the complementary performance of our non – bank subsidiaries with g ross earnings growing by 21.3% to N 480.6 billion and Profit before tax at N 92.9 billion ‛”.
He said‚ “We remain focused on diversifying our revenue streams through the extraction of value from our recent bank acquisitions, consolidating our position in the investment banking space, especially with the acquisition of Kakawa, and expanding our insurance business scope. Our investment in technology, human capita l and portfolio expansion are beginning to shape the long – term fundamentals of the Group and will deliver a positive return on investment over the longer term”

Babatunde Akinsola
Babatunde Akinsolahttps://naija247news.com
Babatunde Akinsola is aNaija247news' Southwest editor. He's based in Lagos and writes on the Yoruba Nation political issues, news and investigative reports

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