I wrote in my last review of FBNH results that a flat earnings growth for 2013 will be a plus. So it’s no surprise in the article below the Hold Co has confirmed the obvious.
What is remarkable too is that they claim they sold Treasury Bills worth N150b and placed it with the CBN at zero %. This from all indication is as a result of the CRR and may have cost the bank a potential N15b in lost revenue.
Rather than earn free N150b they place it with the CBN via the power of regulation. For investors, these are examples of threat to a business and should be factored in when determining value.
We still like FBNH.