FBN Holdings Plc, yesterday, released its half-year 2019 interim financial results which showed a slight 5.5% drop in profit for the period under review. See vital details below.
Interest Income: The Group’s total revenue declined slightly from N225.4 billion in Q2 2018 to N221.8 billion in Q2 2019, marking a 1.6% decline. Meanwhile, the cost of operation remained almost the same quarter on quarter, having reduced by a mere 0.9% to N75 billion.
Profit Before Tax: This stood at N39.9 billion for the period under review, having increased slightly from N38.9 billion in Q2 2018; indicating a 2.6% rise.
Profit for the Period: FBN Holding’s profit after tax for Q2 2019 stood at N31.6 billion. This is a 5.5% decrease compared to N33.5 billion in Q2 2018.
Also, earnings Per Share stood at N0.84 in Q2 2019 as against N0.91 in Q2 2018.
Earlier today, FBN Holdings Plc’s stock closed trading at N5.55 on the Nigerian Stock Exchange.
[READ: Dangote Cement’s Q2 profit up by 5.4%]
You may download FBN Holdings’ Q2 results HERE.
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FBHN building a very disappoint track record. Radical innovation or change of methodology is required else soon there will be no profit. Perhaps unbundling is the way forward. Nairamentrics, thoughts?