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Earnings Analysis 2013 H1: FBN Holdings Struggling On Multiple Fronts

Nairametrics by Nairametrics
August 28, 2013
in Blurb
Earnings Analysis 2013 H1: FBN Holdings Struggling On Multiple Fronts
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FBN Holdings Plc released its 2013 H1 results showing revenue rose 7.7% to N194billion (2012 H1: N180.9billion). Net Interest Income also rose 3.6% to N112.7billion compared to N108billion posted a year earlier. The banks operating profit fell rather flat at N54.2billion (2012 H1: N54.8billion) as the banks cost to income ratio rose slightly to 59%. Pre-tax profits at the end of the period was N54.8billion compared to N53.4billion posted a year earlier.

FBN Holdings 2013 H1

 

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FBN Holdings QoQ 2013 Q2

 Key Highlights

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  • Most Banks declared a drop in Net Interest Margins in the first half of the year and FBN Holding was no exception. It’s main subsidiary First Bank Plc is a leading Commercial Bank and was affected by the rise in banks borrowing cost. In fact, Net interest income was flat QoQ as Interest income dropped 4% between April and June 2013.
  • The bank followed with the N9.1billion loan loss in 2012 H1 with another N9.9billion loan loss recorded this period. Over 80% of the loan write offs was in 2013 Q2 (April to June) alone. FBN write off this quarter is about 4x more than that of Zenith Bank.
  • Income from commission and fees dropped 16% to N31billion . A closer look shows a 40% QoQ drop to N11.5billion (2013 Q1:N19.5billion).
  • A silver lining though was the increase in Investment and Other income. It rose 245% to N9.7billion QoQ and 66% to N12.5billion YoY. Income from foreign exchange was key to this.

Interest and Similar Income

Interest Income

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Fees & Commission Income

Fees and Income FBNH

Other Operating Income

Other Operating Income FBNH 2013 H1

Other operating expense

Other operating expenses 2013 H1 FBNH

 

First Bank Plc released its 2013 H1 results in the website of the NSE

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