FBNH released its 2014 FY results . Here are the highlights of the results
- Gross earnings of
N480.6 billion, up 21.3% year-on-year (Dec 2013:N396.2 billion) - Net interest income of
N243.9 billion, up 6.0% year-on-year (Dec 2013:N230.1 billion) - Non-interest income of
N111.8 billion, up 66.1% year-on-year (Dec 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, up 27.7% year-on-year (Dec 2013:N20.3 billion) - Operating expenses of
N236.8 billion, up 27.5% year-on-year (Dec 2013:N185.8 billion) - Profit before tax of
N92.9 billion, up 1.7% year-on-year (Dec 2013:N91.3 billion) - Profit after tax of
N82.8 billion, up 17.3% year-on-year (Dec 2013:N70.6 billion) - A cash dividend of
N0.10k per 50 kobo share and a scrip (bonus) issue of one (1) Share for every ten Shares held amounting to a total distribution ofN1.05k per share (Dec. 2013:N1.10k), and 11.0% dividend yield
| FBN Holdings – Group | |||
| 2014 FY | 2013 FY | %age Change | |
| N’m | N’m | ||
| Income Statement | |||
| Interest Income | 362,579 | 323,621 | 12.04% |
| Interest Expense | (118,725) | (93,506) | 26.97% |
| Net Interest Income | 243,854 | 230,115 | 5.97% |
| Net Insurance Premium | 2,704 | 1,785 | 51.48% |
| Exchange Commissions and Fees | 60,778 | 54,085 | 12.37% |
| Net Gains on Financial Instruments | 44,675 | 9,592 | 365.75% |
| Net Premium & Other Income | 2,018 | 362 | 457.46% |
| Total Operating Income | 354,029 | 295,939 | 19.63% |
| Operating Expenses | (235,802) | (185,299) | 27.25% |
| Operating Profit | 118,227 | 110,640 | 6.86% |
| Loan Impairment | (25,942) | (20,309) | 27.74% |
| Share of Profit/(Loss) of associate | 599 | 1,006 | -40.46% |
| Profit before Tax | 92,884 | 91,337 | 1.69% |
| Taxation | (10,045) | (20,706) | -51.49% |
| Profit after Tax | 82,839 | 70,631 | 17.28% |
| Tax as a %age of PBT | 10.81% | 22.67% | |
| Balance Sheet Highlights | 2014 FY | Full Year | |
| Loans & Advances to Customers | 2,639,891 | 2,199,716 | 20.01% |
| Deposits | 3,222,004 | 3,011,113 | 7.00% |
| Net Assets | 522,890 | 471,777 | 10.83% |
| Retained Earnings | 108,637 | 115,397 | -5.86% |
| Total Assets | 4,324,666 | 3,869,001 | 11.78% |
| Net Assets as a percentage of loans | 20% | ||
| Indices | |||
| Earnings Per Share (N) | 2.55 | 2.16 | 18.06% |
| Outstanding Shares (Million) | 32,632.08 | 32,632.08 | 0.00% |
| Net interest as a %age of Interest Income | 67.3% | 71.1% | -5.42% |
| Commission as a %age of Income | 16.0% | 17.1% | |
| Operating profit as a percentage of Operating Income | 33.4% | 37.4% | -10.68% |
| Net Interest as a percentage of loans | 10.1% | ||
| Net Interest as a %age of average deposits | 7.8% | ||
| Loans as a percentage of deposit | 84.7% | ||
| Loan to Average Equity | 4.87 | ||
| Return on Average Equity | 16.7% | ||
| Return on Asset | 2.3% | ||
| Cost to Income Ratio (estimated) | 66.6% | 62.6% | 6.37% |
| Loan Impairment to Operating Profit | 21.9% | 18.4% | 19.54% |
