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Home Business News Politics

First Bank (FBN) Projects 20% ROE For 2013

Ugodre Obi-chukwu by Ugodre Obi-chukwu
June 14, 2013
in Politics
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FBN Holding Company Plc has projected a significant increase in return on average equity from 18.8 per cent recorded in 2012 to 20 per cent in 2013.

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The Chief Executive officer of FBN Holdings,  Bello Maccido, while explaining the ‘Facts Behind its Figures’ to dealing members in Lagos yesterday, expressed optimism that with capital adequacy ratio which currently stood at N20.5 per cent , above regulatory requirement, the Group is well positioned to  unlock opportunities that will put other subsidiaries at the fore to contribute to the overall growth of the company, as well as enable the Bank to sustain its leadership position across sub-saharan Africa

On CBN Policies

“What we have witnessed in the last one year is enhanced regulation from Central Bank of Nigeria, where cash reserve ratio was enhanced from eight per cent to 12 per cent and net position decreased from three per cent to one per cent.

“What this has done was to reduce the quantum of loan able funds available in the market , in addition, we have witnessed the erosion of certain fees element. There was also the withdrawal of ATM charges and recently, CBN issued reversed banking tariff where they have stipulated higher interest on savings from one per cent to 30 per cent which translate to about 6.6 per cent, as well as a gradual phasing out of over four year period of Cash On Transaction(COT) .

 On Why Results was an improvement

He attributed the improved performance to aggressive mobilization strategy deployed by the management as well as alternative distribution channels and innovative product development initiative put in place by the Group.

On Getting Set for low C.O.T Regime

In readiness for the COT which would take effect in the next two years, Maccido said the Group had last year reinforced its position as a retail franchise by adding 70 branches to the existing ones, thereby bringing the number of branches to 807.

“This would drive the mobilization of low cost deposit so that we locate ourselves to other areas and where we loose on COT, we compensate ourselves with volume.”

How Severance Affected The Results

He explained that the company paid severance benefit and gratuity of about N21.5billion last year, adding that its PBT of N92.7billion  would have been the best in the when added to the amount spent on severance benefit during the year under review.

 

 

FBN Holdings targets 20 per cent increase in return on average equity in 2013

 

Tags: fbn holdingsNews ReviewRESULTS
Ugodre Obi-chukwu

Ugodre Obi-chukwu

Ugo Obi-Chukwu "Ugodre" is the Founder, Publisher, and Chief Analyst of Nairametrics, a leading business and financial news online platform in Nigeria. Ugo is also the Chief Editor of the Nairametrics “Blurb” Opinion pages. Follow Ugodre on Twitter @ugodre and Instagram @ugodre Email: ugodre@nairametrics.com

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