Business

Q3 2017: FBN Holdings’ gross earnings hit N439.2bn

Published

9 years ago

October 27, 2017

By Chioma Obinagwam

FBN Holdings Plc. has announced a Gross Earnings of N439.2 billion for its nine months financial period ended September 30, 2017.

According to the result issued by the group on Thursday, its Gross Earnings increased by 5.2 per cent year on year(y-o-y) to N439.2 billion from the N417.4 billion it recorded in the corresponding period of September 2016.

Gross Earnings also called Gross Income, measures total income from all sources, and an indication of how a company uses its resources to produce profit.

Again, its Profit After Tax(PAT), the net profit earned by the company after deducting all expenses, leaped by 7.8 per cent to N45.8 billion from the N42.5 billion recorded in the same period in 2016.

More extracts from the result reveal a decline in Impairment Charge for Credit losses from the N114.7 billion recorded in the erstwhile period of September 2016 to N97.6 billion; representing a 14.9 per cent decline, an indication of an imminent recovery from its impairment loses.

Furthermore, its Post-tax Return on Average Equity increased to 10.1 per cent from the the 9.4 per cent in September 2016.

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The result also showed a Post-tax Return on Average Assets growth of 1.3 per cent in the review period from the 1.2 per centrecorded in the corresponding period of 2016.

Reacting to the result, Group Managing Director (GMD) of the group, Urum Eke said: “In line with our strategic focus on improving asset quality; cost optimisation; and, enhancing revenue generation, we are beginning to see improvement across a number of metrics associated with these initiatives.”

FBN Holdings Plc, the most diversified financial services group in Nigeria, was incorporated in Nigeria on 14 October 2010, following the business reorganisation of the FirstBank Group into a holding company structure.